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Consumer confidence climbs to second-highest since ’07

Among other reports Tuesday, home prices in 20 U.S. cities appreciated at a faster pace in the year ended in January.

By Victoria Stilwell | Updated on March 31, 2015
Americans are more upbeat about the outlook for the labor market and incomes. Photo: AP
(Bloomberg) — Consumer confidence increased in March to the second-highest level since August 2007 as Americans grew more upbeat about the outlook for the labor market and incomes.

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.

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