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U.S. consumer confidence in January rises highest since 2004

Staff Writer |
U.S. consumer confidence in January rose to its highest level since 2004, driven by a more optimistic outlook for the economy and for job growth.

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The University of Michigan's consumer sentiment index increased to 98.5 in January from 98.2 the previous month, beating analysts' estimates for a reading of 98.1.

Consumers were more positive about their current financial situation and on economic prospects for the next five years.

The survey revealed one in five consumers borrowed in advance of anticipated increases in mortgage rates as they expected the Federal Reserve would raise interest rates due to a stronger economy.

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