Two separate indicators of consumer confidence hit their highest level since before the Great Recession in March, indicating more U.S. consumers may be prepared to shop coming out of a long winter.


 

“Consumers have finally begun to expect sustained gains in their personal finances, especially among younger households,” wrote Richard Curtin, the University of Michigan economist who prepares consumer surveys published by Thomson-Reuters. “Consumers are ready to celebrate a delayed Spring with renewed spending.”

 

Thomson-Reuters’s overall Index of Consumer Sentiment reached 80.0 in March, an insignificant dip below levels seen in February and January. The survey found that one-in-three consumers surveyed expected their finances to improve in the year ahead. That was the highest level since June, 2009. Among those under age 45, the percentage remained at a seven-year high of 54 percent.

 

The Conference Board reported its rival Consumer Confidence Index stood at 82.3; its strongest reading since January, 2008, when it hit 87.3. The index is based on responses through March 14 to a random survey of consumers.
The improvement from February’s reading of 78.3 was attributed primarily to a rebound in consumer’s expectations that business conditions would improve in the next six months, even if their incomes and job prospects remained unchanged.