Consumer sentiment bounces back in February

Consumer sentiment rebounded solidly early in February after a disappointing showing the previous two months, according to a survey released Friday.

The monthly Thomson Reuters/University of Michigan consumer sentiment index rose to 76.3, up from 73.8 in January.

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The readings in December and January were weighed down by Americans’ concerns about the potential drag from the so-called fiscal cliff, which federal lawmakers averted with a last-minute deal.

Consumers confidence was one of three economic indicators released Friday. The results of the three were mixed, showing the economy’s slow progress.

The consumer sentiment figure was an indication that the economic recovery is intact, though it’s below the readings in the low 80s late last year.

It partially offset Friday’s disappointing reading on industrial production, which slipped 0.1% in January. A reading on manufacturing activity in New York state was positive for the first time since July.

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