US consumer confidence brightens in March

(MENAFN- AFP) US consumer confidence improved in March, bouncing back from a February slump as Americans showed higher hopes for the economy in the coming months, The Conference Board said Tuesday.

The boards' consumer confidence index rose to 96.2 from 94.0 in February, led entirely by a gain in expectations for the situation six months ahead, while the assessment of the present situation declined moderately.

The number of survey respondents saying that business conditions were "good" fell, while the views on the labor market were mixed. There were increases in both those saying that jobs were "plentiful" and that jobs are "hard to get".

But looking ahead, there were slightly more respondents expecting more jobs would be available, 12.9 percent, and fewer expecting they would decrease, 16.3 percent.

With their generally brighter outlook, the number of people expecting to buy major appliances within six months rose. Those planning to buy a home remained unchanged and fewer were in the market for a new automobile.

"Expectations regarding the short-term turned more favorable as last month's turmoil in the financial markets appears to have abated," said Lynn Franco, director of economic indicators at The Conference Board.

"On balance, consumers do not foresee the economy gaining any significant momentum in the near term, nor do they see it worsening."