US consumer sentiment rose in early December as consumers reacted positively to lower prices at the petrol pump, according to a survey released today.
The University of Michigan's preliminary reading of its consumer confidence index for December was 95.7, up from November's final reading of 92.8, according to market sources who saw the subscription-only report.
Analysts on average had forecast that the index would edge up to 93.5. The survey's index of current conditions gave a preliminary December reading of 106.8, up from a final November reading of 104.7.
Its index of consumer expectations gave a preliminary December reading of 88.8, up from November's final reading of 85.2, market sources said.
"People have reacted to the fact that oil prices have come down and that means they expect things to get better going forward," said Mr Jay Bryson, global economist at Wachovia Corporation.