India, Jan. 9 -- A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has improved by slightly more than expected in the month of January.

The University of Michigan said its consumer sentiment index rose to 54.0 in January after climbing to 52.9 in December. Economists had expected the index to inch up to 53.5.

With the bigger than expected increase, the consumer sentiment index reached its highest level since hitting 55.1 in September.

"Improvements in January were seen among lower-income consumers, while sentiment fell for those with higher incomes," said Surveys of Consumers Director Joanne Hsu.

"All told, while consumers perceived some modest improvement in the economy over the past two ...