WASHINGTON :U.S. consumer confidence raced in March to its highest level since the start of the COVID-19 pandemic, supporting views that economic growth will accelerate in the coming months, driven by more fiscal stimulus and an improving public health situation.
"Consumers finally are fully on board with the pending expansion," said Robert Frick, corporate economist with Navy Federal Credit Union in Vienna, Virginia."What remains to be seen is how quickly services industries such as travel and leisure will open up, allowing venues for consumers to release their pent-up demand."
That fits in with expectations for a sharp acceleration in job growth this month. According to a Reuters survey of economists, nonfarm payrolls likely increased by 639,000 jobs in March after rising by 379,000 in February. The government is due to publish its closely-watched employment report for March on Friday.The share of consumers expecting an increase in income over the next six months rose to 15.5per cent from 14.8per cent last month. The proportion anticipating a drop increased to 13.
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