U.S. consumers are gaining confidence, according to the latest gauge released by the Conference Board.
The Board’s consumer confidence index rose to 70.8 in February, the highest level in a year, and well up from a revised 61.5 mark in January.
"Consumers are considerably less pessimistic about current business and labor market conditions," said Lynn Franco, director of the Conference Board’s consumer research center. "Despite further increases in gas prices, they are more optimistic about the short-term outlook."
According to the U.S. Labor Department’s most recent monthly report, the unemployment rate fell to 8.3% in January.