Consumer confidence edges up in February

New York -- The Thomson Reuters/University of Michigan's consumer sentiment index inched up to 81.6 in February from 81.2 in January.

"The most significant implication is not whether consumers have correctly assessed the weather's negative impact on the economy, but the resilience consumers have demonstrated in the face of the polar vortex as well as higher utility bills and minimal employment gains," said survey director Richard Curtain.

The survey  found that Americans under age 35 have grown more optimistic regarding pay increases. On average, they expect income gains of 5% over the next 12 months, the survey found. It ranks as the largest expected increase since November 2006.