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Consumer confidence hits 114.8 in February, versus 111 estimate

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Consumers' assessment of current conditions in the U.S. increased in February, according to a monthly survey released on Tuesday.

The Consumer Confidence Index hit 114.8 in February, according to data from The Conference Board, the highest since July 2001.

Economist expected the Consumer Confidence Index to hit 111 in February, according to a Thomson Reuters consensus estimate.

"Consumers rated current business and labor market conditions more favorably this month than in January," Lynn Franco, director of economic indicators at The Conference Board, said in a statement.

"Expectations improved regarding the short-term outlook for business, and to a lesser degree jobs and income prospects. Overall, consumers expect the economy to continue expanding in the months ahead," she said.

Those saying business conditions are "good" declined to 28.7 percent from 29 percent. Those saying business conditions are "bad" decreased to 13.2 percent from 15.9 percent.

The report also noted that consumers' outlook for the labor market was also moderately more upbeat.

The survey, a closely followed barometer of consumer attitudes, measures confidence toward business conditions, short-term outlook, personal finances and jobs.