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Consumer confidence improves

Friday, Jan. 16, 2004 | 9:24 a.m.

U.S. consumer confidence this month rose to the highest level in three years, boosted by the stock market's first annual gains since 1999 and suggesting the economy is gaining strength.

The University of Michigan's preliminary measure of consumer sentiment, announced today, jumped to 103.2 from December's 92.6.

Also, U.S. industrial production rose a smaller-than-expected 0.1 percent in December, restrained by a drop in utility output, the Federal Reserve reported.

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