Consumer Confidence Hits Highest Level Since the Pandemic Began
March 29, 2021
Consumer confidence in the U.S. climbed in March to the highest level in a year, with consumers expressing the highest level of economic optimism since the pandemic began.
The Conference Board’s consumer confidence index increased to 109.7, up from 90.4 in February. The increase marks the third consecutive month of increases, as Americans have become more optimistic about the economy as the vaccine rollout continues, government stimulus is distributed, and business restrictions are lifted.
The biggest boost came from consumers’ feelings about current business and labor market conditions. The index that tracks these feelings rose to 110 in March, up from 89.6 the month before. Expectations for the short-term also saw a big increase, climbing from 90.9 in February to 109.6 in March.
Despite the increase, overall consumer confidence remains below its pre-pandemic level. The index read 132.6 in February 2020, just before the pandemic began.