RJ and Makay

U.S. consumer sentiment rose in April as worries about the impact of higher oil prices on economic growth eased slightly, according to Reuters.

The consumer sentiment index calculated by Reuters and the University of Michigan has spiked 3% so far this month to 69.6 from 67.5 in March. Although the latest reading beat the consensus forecast of 68.5 among economists polled by Reuters, it's still below February's result (but not March's), Reuters reports.

After a severe recession, an increase in consumer spending would normally be cause for celebration because it suggests the economy's improving. But the 0.7% spike just reported for February by the Commerce Department isn't impressing many people, even though it's the largest consumer spending gain in four months.

Why? People spent more in February mainly because gas got a lot more expensive. In fact, half of February's 0.4% inflation uptick was due to energy costs, and economists worry that if those costs keep going up, they'll cut into household budgets enough that consumers won't be able to spend on items associated with economic growth.