New York, NY, March 28, 2006--Consumer confidence index rose 4.5 points to 107.2 from an upwardly revised 102.7 in February, despite higher gasoline prices, according to the Conference Board. It was the most optimistic reading since May 2002.
The results surprised economists, they were expecting reading of 101.8.
The present situation index rose to 133.3 from 130.3, the highest since August 2001. The expectations index rose to 89.9 from 84.2.
The strength of the present situation index suggests the economy "gained steam in early 2006," said Lynn Franco, head of consumer research for the private group. But the still-low level of expectations suggests "a cooling in activity" later this year.
The percentage of consumers who think jobs are plentiful rose to 28.4% from 27.4%, while the number who think jobs are hard to get rose to 20.7% from 20.2%.
The percentage who thinks conditions are "good" rose to 28.3% from 26.4%, the highest since August. The percentage who thinks conditions are "bad" fell to 14.7% from 15.4%.
