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Consumer sentiment hits highest point in 11 years

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Consumer sentiment hits highest point in 11 years

Employment, low gas prices drive optimism.

Consumer sentiment surged again in January to its highest level in 11 years, according a closely-watched barometer of confidence.

According to multiple outlets, the closely-watched Thomson Reuters/University of Michigan consumer sentiment index rose to 98.2 in January, well above analysts’ expectations of 94.1.

The data suggests that consumers are spending more freely and will continue to do so in the months ahead.

The rise in consumer sentiment is considered to be closely related to the combined factors of lower gasoline prices and an improving job market.  Interestingly, consumers were increasingly optimistic about earning higher wages, which runs counter to recent jobs and wages reports.

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