By Ruth Mantell
WASHINGTON (MarketWatch) -- The University of Michigan-Thomson Reuters consumer-sentiment gauge rose to final January reading of 73.8 from 72.9 in December, reports said Friday. Economists polled by MarketWatch had expected a final January reading of 71.5, compared with a preliminary reading of 71.3, with higher payrolls taxes continuing to weigh on consumers' moods. January's result 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.
