US Economy

March consumer confidence rises sharply

A shopper walks past a Uniqlo store in Philadelphia
Charles Mostoller | Bloomberg | Getty Images

U.S. consumers are feeling more confident about the economy this month.

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 percent to 18.4 percent, while the proportion expecting a drop declined from 10.8 percent to 9.9 percent.

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"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.

"Consumers' assessment of current conditions declined for the second consecutive month, suggesting that growth may have softened in Q1, and doesn't appear to be gaining any significant momentum heading into the spring months."

The monthly consumer confidence survey is conducted by Nielsen for The Conference Board.

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