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Confidence among U.S. consumers reached the highest level in almost five years in January as an expanding labor market and rising wages gave Americans more money to spend. The Conference Board said Tuesday that its index rose to 110.3 this month, the highest level since May 2002, from a revised 110 in December. The proportion of Americans who said jobs are plentiful was the biggest since August 2001. Increasing optimism is reflected in stronger consumer spending, just as lower fuel costs ease inflationary pressures. The combination helps explain why Federal Reserve policymakers, who conclude a two-day meeting Wednesday, have little reason to raise or lower interest rates in coming months.