The Conference Board announced on Tuesday its U.S. consumer confidence gauge surged 9.7 points to 131.4 in February from 121.7 in January.

Economists had expected consumer confidence to come in at 124.7.

January’s consumer confidence reading was revised up from originally estimated 120.2.

The survey showed that the expectations index increased from 89.4 last month to 103.4 this month, while the present situation index improved from 170.2 to 173.5.

Lynn Franco, Director of Economic Indicators at The Conference Board, noted, “The Present Situation Index improved, as consumers continue to view both business and labor market conditions favorably. Expectations, which had been negatively impacted in recent months by financial market volatility and the government shutdown, recovered in February. Looking ahead, consumers expect the economy to continue expanding. However, according to The Conference Board’s economic forecasts, the pace of expansion is expected to moderate in 2019.”