US Consumer Confidence hits one-year peak in March; house prices soar

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US Consumer Confidence hits one-year peak in March; house prices soar

On Tuesday, a survey data from a New York-based non-profit business research group, The Conference Board, had illustrated a sharp pick up in US consumer confidence in March, bolstering analysts’ beliefs that the economy would catch up growths further in the coming months as an acceleration of pandemic vaccination campaign alongside more fiscal stimulus would likely to brighten up the outlook in a near term.

In point of fact, according to the Conference Board survey data released earlier in the day, US Consumer Confidence spiked to a fresh one-year peak in March, racing to its highest level since the onset of pandemic outbreak as Americans remained fairly riant about the prospects of a prodigious recovery in US labour market.

Besides, other economic data published in the day had unveiled a gauge of households’ employments clawed back sharply in March following a sharp decline in February, and that a raft of non-essential businesses were being rolled back in light of a deep decline in new pandemic cases.

Alongside this, latest Conference Board data had bolstered analysts’ beliefs that the US economy has been well en-route to clock its best performance this year in more than four decades.

US Consumer Confidence shoots up, house prices soar

Concomitantly, the Conference Board said in a statement earlier in the day that its index for US Consumer Confidence climbed 19.3 points to a figure of 109.7 in March, a level never seen since the onset of pandemic outbreak, though confidence remained well below a hefty reading of 132.6 registered in February 2020.

Meanwhile, addressing to consumers’ optimism over a herculean re-opening of the US economy, a corporate economist with Navy Federal Credit Union in Virginia, Robert Frick said following the announcement, “Consumers finally are fully on board with the pending expansion.

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”. A separate statement released earlier in the day had unfurled that the S&P CoreLogic Case-Shiller home price index, measured by average prices on 20 metro areas, jumped 11.1 per cent earlier this year compared to the same time a year earlier, marking up the fastest growth in US house prices in more than a decade and a half.