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News > Economy
U.S. confidence jumps
March 27, 2001: 10:06 a.m. ET

Consumer confidence index jumped to 117 in March, well above forecasts
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NEW YORK (CNNfn) - Consumer confidence rose in the United States in March, the first gain since last September, a research group said Tuesday.

The Conference Board said its index of consumer confidence rose to 117 in March versus February's revised reading of 109.2. It was the first rise in confidence since September, and was much stronger than Wall Street forecasts for a reading of 105.  

The reading is still some 25 points below the peak levels from last summer. But the rise could help give the United States a boost since consumer spending fuels about two-thirds of the nation's economy.

Separately, durable goods orders fell in February and January's orders were revised sharply lower, the government reported Tuesday, the latest signs of the weakness in the manufacturing sector.

The report comes after the Federal Reserve has cut interest rates three times this year in a bid to prevent the United States from slipping into recession.

-- from staff and wire reports graphic




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