Consumer Confidence Hits Highest Level Since 2001

Excerpt taken from Inman News

Better economic conditions in February boosted consumer confidence to its highest level since August 2001, the Conference Board reported recently.

Lynn Franco, director of The Conference Board Consumer Research Center, said the combination of “improving present-day business conditions” and less difficulty finding jobs helped to lift consumers’ spirits.

The consumer confidence index climbed to 112.5 in February form 110.2 in January, as the number of consumers claiming business conditions are “good” rose and the number of those saying conditions are “bad” fell.

The outlook for the labor market was upbeat, with just 14.1 percent of consumers surveyed expecting fewer jobs in the months ahead compared with 15.6 percent in January.

“All in all, it appears that the pace of economic growth exhibited in the final months of 2006 has carried over into early 2007 and may have even gained a little momentum,” Franco said.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.