Consumer confidence grew in March, a sign the economy is starting to improve, according to The Conference Board.
The Conference Board Consumer Confidence Index increased from 78.3 in February to 82.3 in March. The figures for March mark the first time the index has reach 82 since January 2008. Lynn Franco, director of economic indicators at The Conference Board, said in a statement confidence among consumers should continue to grow during the spring.
"While consumers were moderately more upbeat about future job prospects and the overall economy, they were less optimistic about income growth," Franco said. "Overall, consumers expect the economy to continue improving and believe it may even pick up a little steam in the months ahead."
Even though confidence among consumers looks to be steadily growing, the job market outlook showed very little change from February. According to the index, the amount of consumers who felt that jobs were plentiful dropped from 13.4 percent in February to 13.1 percent in March.
Although feelings about job growth are down among consumers, businesses should feel assured by the overall index reading. Higher confidence among consumers means more spending, which can lead to companies hiring more full-time, part-time and temporary workers.
