US consumer confidence holds steady for March - NewsOK.com

NEW YORK — Americans are holding onto a rosier view of the U.S. economy as they focus on the good in a flood of mixed economic news. In thi...

NEW YORK — Americans are holding onto a rosier view of the U.S. economy as they focus on the good in a flood of mixed economic news.

In this Feb. 27, 2012 photo, a shopper from Los Angeles, loads a 60 inch Samsung LED TV into his truck at Costco Wholesale store in Glendale, Calif. A private research group says that consumer confidence in February rose to the highest level since a year ago when the U.S. economy?s outlook started to look brighter before souring again. (AP Photo/Damian Dovarganes) ORG XMIT: CADD201

Gas prices are up, but the stock market is, too. Home prices are down, but so is unemployment.

“The resilience suggests that jobs remain a more important concern for consumers than gasoline prices,” said Mark Vitner, an economist at Wells Fargo Securities.

Gas prices have risen almost every day this month, yet the Consumer Confidence Index for March held nearly steady at 70.2, according to the New York-based private research group The Conference Board. February's reading, revised upward to 71.6, was the highest it's been in a year.

Consumer confidence is widely watched because consumer spending accounts for 70 percent of economic activity. Confidence has been fragile since the U.S. recession began in late 2007, despite several short-lived spikes.

Now, it appears to be rebounding as Americans seem to be looking at the proverbial glass as half-full despite continued weaknesses in the economy, including rising gas prices.

The measure is still significantly below the 90 reading that indicates a healthy economy — a level the index has not been near since the recession began in December 2007. But the current reading is a long climb from the 40 figure it hit last October, not to mention its all-time low of 25.3 in February 2009.

Confidence levels are closer to a stable economy than not, with Americans feeling more confident than they have in a long time.

Nicklas Johnson, a software engineer who has been with the same company for 14 years, said recruiters are starting to solicit him for jobs. That's making him more confident about spending a little more despite the fact that gas prices are rising and the value of his home has plummeted.

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