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Consumer Confidence Reaches Highest Level Since Pandemic Began
The Conference Board said Tuesday that its Consumer Confidence Index surged in March to its highest reading in a year, after a modest increase in February. The Index now stands at 109.7, up from 90.4 in February.
Both the index’s two components saw substantial gains in March. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—climbed from 89.6 in February to 110.0.
The Expectations Index—based on the short-term outlook for income, business, and labor market conditions—also improved, 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,” said 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.”
