The consumer confidence index increased to 96.2 in March from a revised 94.0 last month, The Conference Board reported Tuesday.
The February index was originally reported as 92.2.
Economists polled by Thomson Reuters predicted a 94.0 reading for the index.
The present situation index fell to 113.5 from a revised 115.0, first reported as 111.1, while the expectations index rose to 84.7 from a revised 79.9, first reported as 78.9.
“Consumer confidence increased in March, after declining in February,” said Lynn Franco, director of The Conference Board's economic indicators. “Consumers’ assessment of current conditions posted a moderate decline, while expectations regarding the short-term turned more favorable as last month’s turmoil in the financial markets appears to have abated. On balance, consumers do not foresee the economy gaining any significant momentum in the near-term, nor do they see it worsening.”
Business conditions were called “good” by 24.9% of respondents in March, down from 26.5% in February. Those saying conditions are “bad” slid to 18.8% from 19.0%.
The percentage of consumers expecting a pickup in business conditions in the next half year rose to 15.0% from 14.5%, while 9.2% said they expect conditions to worsen, down from 11.6% in the prior month.
On the jobs front, those who believe jobs are “plentiful” increased to 25.4% in March from 22.8% in February, while the number saying jobs are “hard to get” climbed to 26.6% from 23.6%. The respondents who see fewer jobs becoming available in a half year, fell to 16.3% from 17.7%. Those expecting more jobs to become available grew to 12.9% from 12.2%, The Conference Board reported.
The consumer confidence survey is based on a probability design random sample by the Nielsen Company.
