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UMich consumer sentiment at six-month high

UMich consumer sentiment at six-month high (by Ruth Mantell)

WASHINGTON (MarketWatch) -- A gauge of consumer sentiment reached 67.7 in the preliminary reading for December -- the highest reading since June -- compared with 64.1 in November, according to Friday reports on the data from the University of Michigan and Thomson Reuters. Economists polled by MarketWatch had expected a preliminary December reading of 66.1 on higher stock prices early in the month, as well as better jobs conditions and lower gas prices. The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the start of the most recent recession. Economists watch sentiment data to get a feel for the direction of consumer spending. Going forward Europe's troubles, discord in Washington and persistent stock volatility could weigh on consumers, analysts say.