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The Conference Board released its consumer confidence index for the U.S. on Tuesday. The index jumped to 101.3 in March from 98.8 in February, beating expectations for a decline to 96.6. February's figure was revised up from 96.4.
"Consumers' assessment of current conditions declined for the second consecutive month, suggesting that growth may have softened in Q1, and doesn't appear to be gaining any significant momentum heading into the spring months," the director of economic indicators at The Conference Board, Lynn Franco, said.
The increase was driven by the better outlook for the labour market and incomes. The Conference Board's consumer expectations index for the next six months rose to 96.0 in March from 90.0 in February.
The present conditions index fell to 109.1 in March from 112.1 in February.
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