Consumer confidence jumped to its highest level in since 2008 in February, easily besting analyst estimates.
The Conference Board said its Consumer Confidence Index increased to 70.4 in February, up from 64.8 in January. Economists were expecting a reading of 66 for February.
While U.S. consumers’ assessment of the current business conditions only increased slightly in February, their outlook for the short-term future increased significantly since January, according the same report. This is significant, according to economists, because individuals generally make buying decisions based on their future expectations, not current conditions.
This report could also be a positive signal for the broader economy as consumer spending significantly impacts economic growth.