The Conference Board announced on Tuesday its U.S. consumer confidence climbed 12.7 points to 121.7 in April from 109.0 in March. This was the highest reading since February 2020.

Economists had expected consumer confidence to come in at 113.0.

March’s consumer confidence reading was revised down from the originally estimated 109.7.

The survey showed that the present situation index surged from 110.1 in March to 139.6 this month. Meanwhile, the expectations index increased from 108.3 last month to 109.8 in April.

“Consumer confidence has rebounded sharply over the last two months and is now at its highest level since February 2020,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions improved significantly in April, suggesting the economic recovery strengthened further in early Q2. Consumers’ optimism about the short-term outlook held steady this month. Consumers were more upbeat about their income prospects, perhaps due to the improving job market and the recent round of stimulus checks. Short-term inflation expectations held steady in April, but remain elevated. Vacation intentions posted a healthy increase, likely boosted by the accelerating vaccine rollout and further loosening of pandemic restrictions.”