Consumer Confidence Hits Eight-Month High

Consumer confidence rose to an eight-month high in February, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The preliminary index for the month rose to a 75.1 reading, from 74.2 in January.

The reading was in line with economists’ forecasts, Bloomberg reported.

The index averaged a reading of 89 in the five years leading up to the recession at the end of 2007.

The group will release its final survey at the end of the month.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.