The Conference Board’s sentiment index climbed to 101.3 from 98.8 in the prior month that was stronger than initially reported, the New York-based private research group said Tuesday. The median forecast in a Bloomberg survey of economists called for the gauge to hold at February’s previously reported 96.4 reading.
The gain in March was paced by households who looked forward to more employment opportunities and rising incomes in the coming six months. The pickup may help consumer spending, which accounts for 70 percent of the economy, rebound after a setback earlier this year.
“It’s all about the labor market,” said Aneta Markowska, chief U.S. economist at Societe Generale in New York, whose projection of 102 for the confidence index was the closest in the Bloomberg survey. “Clearly those prospects are very good. It seems like that weakness in spending is really temporary.”
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