US consumer confidence bounced sharply higher in March, triggered by an improvement in the economic outlook for the next six months and better job prospects, the US Conference Board said today.
The private research group said its broad barometer of consumer attitudes rose to 117.0 in March from a upwardly-revised February reading of 109.2, bucking Wall Street forecasts for a drop to 104.5.
Expectations for the economic picture six months from now jumped nearly 13 points to 83.6 from a revised 70.7 in February.
"The recent weakness in the stock market has done little to dampen either consumers' assessment of present economic conditions or future expectations," said Mr Lynn Franco, director of the Conference Board's Consumer Research Center.
The New York-based Conference Board's index is compiled from a representative sample of 5,000 households each month.