Consumer Mood at 2-Year High Despite Financial, Job Worries [View All]

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Source: CNBC/Reuters

U.S. consumer confidence rose to a two-year high this month as the economic outlook improved, though most had a grim view of their own personal financial and employment prospects, a private report showed on Friday.

The Reuters/University of Michigan Surveys of Consumers said its final index of sentiment for January was 74.4, up from December's 72.5 and higher than analysts' expectations for 73.0.

That was the highest since January 2008 — a month after the recent recession started — and it also beat the preliminary reading for this month of 72.8.

The report follows government data showing the U.S. economy grew 5.7 percent in the fourth quarter, which was the fastest in six years but still failed to dispel concerns about sustainability of recovery amid a 10 percent jobless rate.

"Consumers are overwhelmingly convinced that the worst is over but nonetheless expect stagnating income and job prospects rather than solid growth during the year ahead," the University of Michigan report said.

Read more: http://www.cnbc.com/id/35143310