Consumer sentiment at 2nd highest level since 2007

Shoppers pass a Banana Republic store in New York
Scott Mlyn | CNBC
Shoppers pass a Banana Republic store in New York

U.S. consumer sentiment rose in April, according to a report released on Friday.

The Thomson Reuters/University of Michigan's final April reading on the index was 95.9. It was up from the previous month's reading of 93.0, and barely missed estimates of 96.0.

Consumer sentiment in April was at its second highest level since 2007, and was higher than the average level during the last five months than anytime since May 2004.

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"Consumers must judge the negative impact of higher interest rates to be easily offset by the positive impact of expanding jobs and incomes," said Surveys of Consumers chief economist Richard Curtin in a statement.

"That trade-off accompanied rate hikes in the past, but it has never been undertaken when interest rates have been so low for so long," he said. "Along with other changes in consumer evaluations, consumers are likely to have become more responsive to smaller changes in interest rates."

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The gauge of current economic conditions jumped to 107.0 from 105.0 in the previous month.

The consumer expectations index also rose to 88.8 from 85.3 in March.