US consumers more upbeat in March, except on their incomes

US consumer confidence improved slightly in March, amid an improved outlook for business conditions and the jobs market.

The Conference Board´s consumer confidence index rose from a reading of 94.0 in February to 96.2 in March.

That was slightly better than the reading of 94.0 which economists had penciled in.

“Consumers’ assessment of current conditions posted a moderate decline, while expectations regarding the short-term turned more favorable as last month’s turmoil in the financial markets appears to have abated. On balance, consumers do not foresee the economy gaining any significant momentum in the near-term, nor do they see it worsening,” Lynn Franco, Director of economic indicators at the think-tank said.

February´s index reading was revised higher from a preliminary estimate of 92.2.

A barometre of how consumers gauged their current situation declined from a reading of 115.0 to 113.5, with a smaller proportion of consumers judging that business conditions were 'good'.

The percentage of those polled who claimed jobs were 'hard to get' jumped from 23.6% in the month before to 26.6%.

However, a sub-index tracking consumers´ expectations improved from 79.9 to 84.7, with consumers predicting that both business conditions and the jobs market would improve, although the outlook for incomes was dimmer.