By Josh Mitchell

Americans are more confident in the economy than at any point in 12 years, according to a closely followed survey that showed high expectations for growth during the new Trump administration.

The University of Michigan said Friday its monthly index of consumer sentiment rose 4.7 points from a month earlier to a reading of 98.2 in December, reaching the highest level since January 2004. A measure of consumer views on the current state of the economy rose healthily while a measure of their expectations climbed even faster.

"An all-time record number of consumers (18%) spontaneously mentioned the expected favorable impact of Trump's policies on the economy," Richard Curtin, the survey's chief economist, said in a statement.

Economists surveyed by The Wall Street Journal expected a reading of 98.7 this month.

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(END) Dow Jones Newswires

December 23, 2016 10:42 ET (15:42 GMT)

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