Consumer Confidence Jumps to One-Year High

Consumer confidence climbed this month to the highest level in a year, the New York-based Conference Board said Tuesday.

The group’s monthly index jumped to a reading of 70.8, from a revised 61.5 in January that was higher than originally reported, the group said.

Economists had forecast a reading of 63, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.