NEW YORK (CNNMoney) -- Consumer confidence surpassed expectations and hit a three-year high in February, in the latest ray of hope for an economic recovery, a business research group said Tuesday.
The Conference Board said its Consumer Confidence Index jumped to 70.4 in February from 64.8 in January. That was far ahead of expectations of a Briefing.com economists' consensus of a 67 reading.
Lynn Franco, director of the board's Consumer Research Center, said the CPI spiked "due to growing optimism about the short-term future."
"Consumers' assessments of current business and labor market conditions has improved moderately, but still remains rather weak," Franco said. "Looking ahead, consumers are more positive about the economy and their income prospects, but feel somewhat mixed about employment conditions."
Georgia dealers say Tesla shouldn't sell its cars directly to consumers. It's also one of the most popular markets for electric vehicles. More
If approved by Los Angeles city council, the plan could raise wages for 567,000 workers by 2017. More
A scam where fraudsters impersonate IRS agents has now stolen $5 million from taxpayers, and this woman - who lost her entire life savings -- is just one of its victims. More