U.S. Consumer Confidence Rises to Six-Year High in March

Consumer confidence rose in March to the highest level in six years, driven by improved optimism about the economy’s prospects. The Conference Board’s sentiment index climbed to 82.3, the highest level since January 2008. “The weather does naturally lift our spirits and we’re hoping that also parlays through into consumer spending patterns,” says Ameriprise Financial economist Russell Price. “The consumer-related data, particularly unemployment, has not been quite as bad as maybe some were thinking because of the weather, so I think consumers are starting to see a light at the end of the tunnel.” The Conference Board’s measure of consumer expectations for the next six months climbed to 83.5 in March for a six-month high, from 76.5 in February. Retail sales increased 0.3 percent amid warming temperatures, while manufacturing began to rebound and fewer Americans sought jobless benefits, according to recent reports.

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