Consumer Confidence Hits Eight-Month High

Consumer confidence climbed this month to its highest level in eight months, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The January preliminary index rose to a reading of 74, from 69.9 in December.

The reading surpassed economists’ median forecast of a 71.5 reading, Bloomberg reported.

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