U.S. consumer confidence hits 6-year high in March

NEW YORK — Reuters

Published Tuesday, Mar. 25 2014, 10:27 AM EDT

Last updated Tuesday, Mar. 25 2014, 2:21 PM EDT

U.S. consumer confidence rose in March to its highest in more than six years as expectations brightened, according to a private sector report released on Tuesday.

The Conference Board, an industry group, said its index of consumer attitudes rose to 82.3, the highest since January 2008, from a upwardly revised 78.3 in February. Economists had expected a reading of 78.6, according to a Reuters poll.

“Over all, consumers expect the economy to continue improving and believe it may even pick up a little steam in the months ahead,” said Lynn Franco, director of economic indicators at the Conference Board in a statement.February’s figure was originally reported as 78.1.

“While consumers were moderately more upbeat about future job prospects and the overall economy, they were less optimistic about income growth.”

The expectations index rose to 83.5 from and upwardly revised 76.5, while the present situation index fell to 80.4 from a revised 81.0.

Consumers’ labor market assessment was slightly more negative in March. The “jobs hard to get” index rose to 33.0 per cent from a downwardly revised 32.4 per cent in February, while the “jobs plentiful” index dipped to 13.1 per cent from 13.4 per cent.

Consumers anticipated larger price increases, with expectations for inflation in the coming 12 months up to 5.5 per cent in March from 5.2 per cent.