The Conference Board announced that consumer confidence increased in February, reaching the highest level since July 2001.
According to the Conference Board, the consumer confidence index increased to 114.8 in February from revised 111.6 last month. The results surpassed previous estimates by Thomson Reuters of 111. The increase indicated that both the consumers’ assessment of current conditions and consumers’ expectations for the future improved this month. Present condition gauge rose to 133.4, which is the highest level since July 2007.
In addition, the portion of people who said more positions will be available in the coming months increased to 20.4% from 19.7%. Shares of people who said jobs are “hard to get” decreased to 20.3%, which is the lowest level in the past eight years.
In the report, people who are saying business conditions are “good” dropped from 29% to 28.7%, and people who are saying business conditions are “bad” declined from 15.9% to 13.2%. The reported said that consumers have positive outlook for the labor market.
“Consumers rated current business and labor market conditions more favorably this month than in January,” said Lynn Franco, the director of economic indicators at the Conference Board. “Overall, consumers expect the economy to continue expanding in the months ahead.”