Consumer sentiment soared in April

U.S. consumers felt more confident about the economy last month than at any time since the September failure of Lehman Brothers that pushed global banking to the brink of collapse, a survey showed on Friday.

The Reuters/University of Michigan Surveys of Consumers said its final index of confidence climbed to 65.1 in April from 57.3 in March. That was the highest since September 2008 and the biggest one-month increase since October 2006.

The April reading also marked the first yearly increase since July 2007. Economists polled by Reuters expected a slightly lower final reading of 61.9 for April.

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The index of current economic conditions rose to 68.3 last month from 63.3 in March, the best reading in four months. The index of consumer expectations climbed to 63.1 from 53.5, also the highest since September of 2008.

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"The improvement was concentrated in expectations for the future, especially the longer-term outlook for the economy," said Richard Curtin, the director of the survey.

Most of the gain can be tied to consumers' favorable assessment of U.S. President Barack Obama's stimulus spending, Curtin said. The survey found that 65 percent of consumers thought the stimulus would improve the national economy.