By Ruth Mantell
WASHINGTON (MarketWatch) -- The University of Michigan-Thomson Reuters consumer sentiment gauge declined to 71.3 in a preliminary January reading from a final December level of 72.9, reports said Friday. Economists polled by MarketWatch had expected a preliminary January reading of 74.2, with concern lingering over remaining major fiscal issues, such as the debt ceiling. January's decline follows a plunge in December, when consumers were worried about the fiscal cliff. 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 most recent recession. Economists watch sentiment data to get a feel for the direction of consumer spending.
