U.S. consumer confidence rebounded to its highest level in more than a year in March as optimism about jobs and income overcame higher prices at the gasoline pump, said a survey released on Friday.
The Thomson Reuters/University of Michigan's final March reading for the overall consumer sentiment index rose to 76.2, the highest since February 2011, from 75.3 in February.
The final March figure rose from a preliminary reading of 74.3 and was above economists' median forecasts of 74.7.
"Consumer confidence edged upward as more favorable income and job trends offset rising gas prices," survey director Richard Curtin said in a statement.
The barometer of current economic conditions ended at 86.0 in March, also the highest level since February 2011. This improved on the preliminary reading of 84.2 and February's 83.0. Analysts had predicted a reading of 84.5.
This is particulary good news for the housing market as we all know that consumers are more likely to put in an offer on a home if they feel more secure about the economy and their own prospects.
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