WASHINGTON (Archyde.com) – A survey on Tuesday showed U.S. consumer confidence rose unexpectedly in March, but Americans are becoming a bit concerned about the labor market.
The Conference Board said its index of consumer confidence rose to 104.2 points this month from 103.4 points in February. The deadline for the survey was March 20, about ten days after the collapse of two US banks. Economists polled by Archyde.com had expected the index to reach 101.0 points.
“The gains reflect an enhanced outlook for consumers under the age of 55 and for households with incomes of 50,000 and over,” said Ataman Özeldirim, chief economist at The Conference Board.
The percentage of consumers who see jobs as “plentiful” fell versus those who thought the opposite.
Consumer expectations for 12-month inflation rose to 6.3 percent from 6.2 percent last month.
(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Ali Khafaji)