American consumers shrugged off the Iran war and rising gas prices in March, pushing the Conference Board’s Consumer Confidence Index up to 91.8 from 91.0 in February — well above the 87.9 reading economists surveyed by Bloomberg had expected.
It was the second consecutive monthly increase and a sharp rebuke to forecasters who had predicted the combination of military conflict in the Middle East and surging energy costs would send confidence tumbling. The survey period ran from March 1 to 24, capturing the bulk of the initial war shock — meaning confidence didn’t merely hold steady through the conflict but actually firmed.
The gains were driven by consumers’ assessment of conditions on the ground right now. The Present Situation Index jumped 4.6 points to 123.3, as views of current business conditions swung sharply positive. The share of consumers calling business conditions “good” rose to 21.9 percent from 20.4 percent, while
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