US consumer confidence surges in March

Freitag, 12. März 2021 16:00

Consumer confidence in the United States continued to rebound in March by jumping 8.1% compared to the previous month to reach 83 points, according to the latest preliminary results published by the University of Michigan. While the index was still down 6.8% on an annual basis, it stood at its highest value since March last year.

Both the Current Economic Conditions and the Index of Consumer Expectations also improved compared to February. The former increased by 6.1% to 91.5 points, while the latter jumped 9.6% to 77.5 points. Similarly, the figures were still lower year-on-year.

"Consumer sentiment rose in early March to its highest level in a year due to the growing number of vaccinations as well as the widely anticipated passage of Biden's relief measures... Overall, the data indicate strong growth in consumer spending during the year ahead, with the largest percentage gains for services, including travel and restaurants, and the smallest increases for vehicles and homes," the report concluded.

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