Investing.com – U.S. consumer confidence increased significantly more-than-expected in February, reaching the highest level in three years, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 70.4 in February, compared to a reading of 64.8 in January, whose figure was revised up from 60.6.
Analysts had expected the index to rise to 65.1 in February.
The report also showed that the CB index of consumer expectations rose to 95.1 in February, compared to 80.3 in January. It was the highest reading since December 2006.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Looking ahead, consumers are more positive about the economy and their income prospects, but feel somewhat mixed about employment conditions.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.02% to hit 1.3681.
Meanwhile, U.S. stock markets were broadly lower. The Dow Jones Industrial Average slumped 0.45%; the S&P 500 index fell 0.73%, while the Nasdaq Composite index tumbled 1.55%.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 70.4 in February, compared to a reading of 64.8 in January, whose figure was revised up from 60.6.
Analysts had expected the index to rise to 65.1 in February.
The report also showed that the CB index of consumer expectations rose to 95.1 in February, compared to 80.3 in January. It was the highest reading since December 2006.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Looking ahead, consumers are more positive about the economy and their income prospects, but feel somewhat mixed about employment conditions.”
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.02% to hit 1.3681.
Meanwhile, U.S. stock markets were broadly lower. The Dow Jones Industrial Average slumped 0.45%; the S&P 500 index fell 0.73%, while the Nasdaq Composite index tumbled 1.55%.