The University of Michigan/Thomson Reuters reported on rise of consumer sentiments index in February to preliminary 76.3, the highest level since November 2012. The final January reading grew to 73.8.
Economists expected February reading at level of 75, due to higher stock prices, as well as such negative factors,as fiscal uncertainty, higher taxes and gas prices. The gauge increased in January after plunging in December, when consumers were worried about the fiscal cliff. The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the most recent recession.