The Conference Board’s consumer confidence index surged to 114.8 in February from January’s print of 111.8, making for the best reading since July 2001.
The internals of the report looked good as the Present Situation Index jumped 3.4 points to 133.4 and the Expectations Index climbed 3.1 points to 102.4.
February’s reading topped the 15-year high of 113.7 set back in December after Donald Trump’s election victory.
“Consumers rated current business and labour market conditions more favourably this month than in January,” Lynn Franco, Director of Economic Indicators at The Conference Board, said in the report. “Expectations improved regarding the short-term outlook for business, and to a lesser degree jobs and income prospects. Overall, consumers expect the economy to continue expanding in the months ahead.”