WASHINGTON (AP) — A survey shows Americans' view of the economy improved at the end of the month, as lower unemployment and healthy job gains are making tax increases less of a burden.
The University of Michigan final consumer sentiment index rose to 78.6 in March. That's up from a preliminary reading of 71.8 and February's 77.8 reading. A year ago, the index stood at 76.2
Cooper Howes, an economist at Barclays, said the increase suggests consumers are not deterred by higher Social Security taxes, which have lowered take-home pay for most Americans. Helping offset the tax increase is a better job market. Employers have added an average of more than 200,000 jobs a month since November.
A separate report Friday showed consumers increased spending in February after their income jumped.