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Consumer sentiment in January hits 11-year high


New York -- Consumers are feeling bullish, buoyed by low gas prices and an improving job market. The University of Michigan preliminary consumer sentiment index for January rose to an 11-year high of 98.2, from a final reading of 93.6 for December.

“Gains in employment and incomes as well as declines in gas prices were cited by record numbers of consumers,” stated Richard Curtin, director of the Michigan Survey of Consumers. “More consumers spontaneously cited increases in their household incomes in early January than any time in the past decade.”

The median estimate in a Bloomberg survey of 70 economists projected the Michigan index would increase to 94.1.

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