U.S. consumers are feeling more confident about the economy this month.
CNBC reported that the Conference Board’s Consumer Confidence Index hit 101.3 in March, beating estimates. Economists polled by Reuters expected a reading of 96.2. February’s reading was revised up to 98.8 from 96.4.
Consumers’ outlook for the labor market was particularly strong. And the proportion of consumers expecting growth in their incomes improved from 16.4% to 18.4%, while the proportion expecting a drop declined from 10.8% to 9.9%.
“This month’s increase was driven by an improved short-term outlook for both employment and income prospects; consumers were less upbeat about business conditions,” said Lynn Franco, director of economic indicators at the group.
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