Construction Spending Falls, Consumer Sentiment Rose in January

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Construction Spending Falls, Consumer Sentiment Rose in January

RISMEDIA, Feb. 4, 2008–(MarketWatch)–U.S. consumer sentiment rose in January, according to the University of Michigan consumer sentiment survey released Friday by UMich and Reuters.

The index rose to 78.4 in January from 75.5 in December. Economists expected a result of 79.0. The current conditions index rose to 94.4 from 91.0, while the expectations index gained to 68.1 from 65.6.

In other housing news released Friday, spending on U.S. construction projects fell by 1.1% in December as outlays on private residential construction took another tumble.

Year over year, construction spending is down 2.3%. The overall drop was bigger than expected by economists surveyed by MarketWatch, who were looking for a decline of 0.5% in December. Spending on home construction declined by 2.8% in December after falling by 3% in November.

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