U.S. consumer belief rose more the anticipated in the preliminary March reading, reaching a with not seen since 2004.
The University of Michigan’s mid-month report on consumer orientations rose to 102 in March, its highest level since 2004. Reuters economists presumed the reading to only reach 99.3 from the previous month’s study of 99.9.
Consumers appeared to be focused on positive economic news—especially noting a favorable monetary outlook and confidence regarding personal finances.
Optimistic mentions re recent tax reform legislation were weighed down, however, by unenthusiastic views of steel and aluminum, the survey found. The tariffs were adduced spontaneously by one in five consumers, according to the report.
“Importantly, near arrange inflation expectations jumped to their highest level in several years, and infect rates were expected to increase by the largest proportion since 2004,” the size up’s chief economist Richard Curtin said in a statement.
Overall, consumers last to express confidence about both buying and borrowing in advance due to an conjectured improving trends.
The index measures 500 consumers’ attitudes on approaching economic prospects, in areas such as personal finances, inflation, unemployment, authority policies and interest rates.