Consumer confidence index jumps in March

Consumer confidence far exceeded economists' expectations in March when The Conference Board Consumer Confidence Index rose an astounding 15 points, according to a nationwide survey reported by the Missouri Department of Economic Development.

The index increased to 110.2 in March from a revised figure of 95 in February .

Further findings of the survey show that a quarter of respondents expect business conditions to improve in the next six months, the most optimistic outlook since 1993.

The Consumer Confidence Survey is based on a representative sample of 5,000 United States households.

There are two portions of the index survey: present conditions, which measures how consumers perceive the current state of the economy, and expectations, a measure of future economic activity. Both portions also increased more than 15 points. The Expectations Index jumped from 109.3 in March from February's 94 and the Present Condition Index advanced to 111.5 last month from 96.4 in February.

"We know that solid consumer confidence is vital to economic recovery," Director of the Missouri DED Joseph L. Driskill said. "We will continue to monitor economic conditions and will remain cautiously optimistic that the increases in these indices are a sign that the economy is turning around."