Consumer Confidence Index rose sharply in March

Consumer Confidence Index rose sharply in March

The Conference Board Consumer Confidence Index, which had increased in February, improved sharply in March, from 116.1 to 125.6. The Present Situation Index and the Expectations Index were also up for the month. The cutoff date for the preliminary results was March 16.

The March level was the highest level since December 2000, when the Index stood at 128.6. –Consumersê assessment of current business and labor market conditions improved considerably,” said Lynn Franco, director of economic indicators at the Conference Board. –Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects. Thus, consumers felt current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months.”