Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Consumer confidence spikes to three-year high

By Aaron Smith, staff writer


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."

The CPI's forward-looking Expectations Index also rose, to 95.1 from 87.3 in January. To top of page

Index Last Change % Change
Dow 21,394.76 -2.53 -0.01%
Nasdaq 6,265.25 28.56 0.46%
S&P 500 2,438.30 3.80 0.16%
Treasuries 2.14 -0.01 -0.42%
Data as of 8:18am ET
Company Price Change % Change
Advanced Micro Devic... 14.17 -0.21 -1.46%
Bank of America Corp... 22.82 -0.11 -0.48%
Micron Technology In... 31.73 -0.16 -0.50%
Ford Motor Co 11.04 -0.09 -0.81%
Oracle Corp 50.95 0.65 1.29%
Data as of Jun 23
Sponsors

Sections

The Senate bill to get rid of Obamacare differs in key ways from the House-passed version. But both bills eliminate the tax burden imposed on the richest Americans by the Affordable Care Act. More

The average guest at a wedding last year spent $888 per wedding, according to a study from the Knot. For those in the wedding party, the price of being a stand-up friend was over $1,000. More