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U.S. consumer sentiment continues to improve, hitting 11-year high

Xinhua, January 31, 2015 Adjust font size:

U.S. consumer sentiment rose to the highest level since January 2004 on better economy, job and wage prospects, the Thomson Reuters/University of Michigan index of consumer sentiment showed Friday.

The final reading of the consumer sentiment index in January increased to 98.1 from 93.6 in December, the sixth straight monthly gain, according to the monthly Thomson Reuters/University of Michigan survey of consumers.

Two-thirds of all consumers thought the economy had recently improved, and just over half anticipated an uninterrupted economic expansion over the next five years. Both were at their best readings in a decade, said the survey.

"Consumers have now turned to wages rather than jobs as the primary characteristics they use to judge the performance of the economy," said Richard Curtin, chief economist of the survey in a statement.

The sub-index of current economic conditions, which reflects Americans' perceptions of their financial situation and whether they consider it a good time to buy big-ticket items like houses or cars, rose from 104.8 in December to 109.3 this month.

The sub-index gauging consumer expectations for six months from now, which more closely projects the direction of consumer spending, rose for a fifth consecutive month to 91 in January from 86.4 last month.

The personal consumption expenditures increased 4.3 percent in the fourth quarter 2014, which made positive contributions to the growth of U.S. gross domestic product, said the Commerce Department Friday. Endite