Consumer Sentiment Index Improves

U.S. consumer confidence improved in April to the highest level since late last year, according to the Reuters/University of Michigan’s monthly consumer sentiment index released Friday.

The final index for April rose to a reading of 65.1, from a 57.3 reading in March, the biggest gain in more than two years.

A preliminary reading for April two weeks ago had recorded a reading of 61.9 and the index reached a 28-year low of 55.3 back in November.

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