US consumer confidence unexpectedly improves in February
US consumer confidence unexpectedly improved in February, according to data from the Conference Board.
The consumer confidence index pushed up to 114.8 from 111.6 in January, beating expectations for a decline to 110.9.
Meanwhile, the present situation index rose to 133.4 from 130.0 and the expectations index jumped to 102.4 from 99.3 the previous month.
"Consumer confidence increased in February and remains at a 15-year high (July 2001, 116.3)," said Lynn Franco, director of Economic Indicators at The Conference Board.
"Consumers rated current business and labour market conditions more favourably this month than in January. Expectations improved regarding the short-term outlook for business, and to a lesser degree jobs and income prospects. Overall, consumers expect the economy to continue expanding in the months ahead.”
Capital Economics said: "Overall, the Conference Board index is at a level that historically has been consistent with real consumption growth rising from 3% annualised in the fourth quarter of last year to as strong as 5% in the first quarter. We aren’t convinced that we will necessarily see that sort of acceleration, particularly not with motor vehicle sales slipping back, but it demonstrates that the consumption outlook for the first half of this year is encouraging."