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- U.S. consumer confidence improves more than anticipated in March
U.S. consumer confidence improves more than anticipated in March
The Conference
Board announced on Tuesday its U.S. consumer confidence surged 19.3 points to 109.7
in March from 90.4 in February. This was the highest reading since March 2020.
Economists had
expected consumer confidence to come in at 96.9.
February’s
consumer confidence reading was revised down from the originally estimated 91.3.
The survey
showed that the present situation index climbed from 89.6 in February to 110.0 this
month. Meanwhile, the expectations index jumped from 90.9 last month to 109.6
in March.
“Consumer
Confidence increased to its highest level since the onset of the pandemic in
March 2020,” noted Lynn Franco, Senior Director of Economic Indicators at The
Conference Board. “Consumers’ assessment of current conditions and their
short-term outlook improved significantly, an indication that economic growth
is likely to strengthen further in the coming months. Consumers’ renewed
optimism boosted their purchasing intentions for homes, autos and several
big-ticket items. However, concerns of inflation in the short-term rose, most
likely due to rising prices at the pump, and may temper spending intentions in
the months ahead.”
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