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Consumer Confidence Picks Up in February

The Conference Board's Consumer Confidence Index rebounded in February, with both components of the Index rising from January's levels.

The Consumer Confidence Index rose in February rose to 69.6 from January’s reading of 58.4.

Both components of the Index showed gains, with the Present Situation portion rising to 63.3 from 56.2 and the Expectations reading rising to 73.8 from 59.9 last month.

Lynn Franco, director of economic indicators at the The Conference Board, said, “Consumer Confidence rebounded in February as the shock affect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated.”

The jobs front has been a concern for many consumers. In this month’s survey, which had a cutoff date of February 14, respondents’ outlook for the labor market was more positive than last month. Those anticipating more jobs in the months ahead improved to 16.7 percent from 14.4 percent, while those expecting fewer jobs decreased to 21.5 percent from 26.7 percent.