Consumer confidence jumps up in February

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Consumer confidence jumps up in February
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) -- A gauge of consumer confidence jumped up in February, led by brighter expectations, after dropping in the prior month, according to data released Tuesday. The Conference Board said its consumer-confidence index rose to 69.6 in February, the highest level in three months, far exceeding analysts' estimates of 62.3. January's level was revised to 58.4 from a prior estimate of 58.6. The confidence gauge plunged last month on consumers' concerns over higher payroll taxes and fiscal uncertainty. However, that shock effect appears to have subsided this month, said Lynn Franco, economic indicators director at the Conference Board. Still, confidence remains relatively low -- generally when the economy is growing at a good clip, levels are at least 90. The Conference Board's barometer of consumers' expectations rose to 73.8 in February from 59.9 in January. Meanwhile, the gauge of views on the present situation rose to 63.3 from 56.2.