The US consumer confidence rose in February, as the index of organization The Conference Board recorded growth from 111.6 points in January to 114.8 points. The economists actually expected decline meter to 111 points, but were surprised by the positive results of the index.
The study of the Conference Board closely monitored as an indicator of consumer attitudes, including to business conditions, short-term economic prospects, personal finances and the labor market.
“Consumers rated current business and labor market conditions more favorably this month than in January”, said the Conference Board’s director of economic indicators, Lynn Franco. “Expectations improved regarding the short-term outlook for business, and to a lesser degree jobs and income prospects”, added Lynn Franco.
Previously published data on US GDP in the fourth quarter of last year. The second reading showed that it is consumer spending – the largest part of the economy – rose by 3%, which was above expectations.
Consumers were more optimistic in February about the short-term outlook, according to the Conference Board – with a more than one percentage point gain in the share of those expecting business conditions to improve over the next six months.