Consumer Confidence skyrockets to its highest reading in a year, blowing away economist predictions in the month of March. (CB)
- The Consumer Confidence Index stands at 109.7 in March. This is up from 90.4 in February.
- Economists greatly underestimated how consumers feel having only projected a slight jump to 96.9
ANALYSIS: Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said in a statement, “Consumers’ assessment of current conditions and their short-term outlook improved significantly, an indication that economic growth is likely to strengthen further in the coming months. Consumers’ renewed optimism boosted their purchasing intentions for homes, autos and several big-ticket items.”