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Consumer sentiment improves in March

U.S. consumer sentiment rose in March on strength in the labor market, a report showed on Friday.
/ Source: Reuters

U.S. consumer sentiment rose in March on strength in the labor market, a report showed on Friday.

The University of Michigan's final March index of consumer sentiment read 88.9, up from the final February figure of 86.7, said sources who saw the subscription-only report.

The median forecast of Wall Street economists polled by Reuters was 87.0.

The survey's index of current conditions rose to 109.1 in March from 105.6 in February.

The gauge on consumer expectations rose to 76.0 in March from the final February reading of 74.5.

Confidence measures are often used as a gauge of future spending patterns. Consumer spending comprises roughly two-thirds of overall U.S. economic activity and is seen as an indication of strength or weakness in economic growth.