The Conference Board announced on Tuesday its U.S. consumer confidence surged 19.3 points to 109.7 in March from 90.4 in February. This was the highest reading since March 2020.

Economists had expected consumer confidence to come in at 96.9.

February’s consumer confidence reading was revised down from the originally estimated 91.3.

The survey showed that the present situation index climbed from 89.6 in February to 110.0 this month. Meanwhile, the expectations index jumped from 90.9 last month to 109.6 in March.

“Consumer Confidence increased to its highest level since the onset of the pandemic in March 2020,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions and their short-term outlook improved significantly, an indication that economic growth is likely to strengthen further in the coming months. Consumers’ renewed optimism boosted their purchasing intentions for homes, autos and several big-ticket items. However, concerns of inflation in the short-term rose, most likely due to rising prices at the pump, and may temper spending intentions in the months ahead.”