US consumer confidence rebounds in March

By Ovunc Kutlu

ISTANBUL (AA) - US consumer confidence rebounded in March, following two consecutive months of decline, according to data released Tuesday by The Conference Board.

The consumer confidence index, a leading indicator of consumer spending and economic activity, rose 0.8 point to 104.2, the New York-based global research group said in a report.

The expectation was for the index to come in at 101.0, while the figure for February was revised to 103.4, up from 102.9.

Consumer confidence soared 6.9 points to reach 108.3 in December -- its highest since April 2022.

Ataman Ozyildirim, senior director of economics at The Conference Board, said consumer confidence improved somewhat in March, driven by an uptick in expectations, but remains below the average level seen in 2022, which was 104.5.

"While consumers feel a bit more confident about what’s ahead, they are slightly less optimistic about the current landscape," he said.

Consumers' 12-month inflation expectations remained elevated at 6.3%, he added.