WASHINGTON (voa) – New studies in the United States back reports that the economy is emerging from recession, as consumers feel more confident and manufacturers fill more orders.
The Conference Board, a private business research group, says U.S. consumer confidence surged in March to its highest level since August.
Analysts say consumer spending, which accounts for a majority of U.S. economic output and typically rises with confidence, may continue to power the economy in the months ahead.
A separate report shows the manufacturing sector, long beaten down by the recession last year, is also growing stronger. The Commerce Department says orders for so-called durable goods — expensive, long-lasting items including cars and appliances — rose more than expected in February.
U.S. markets reflected the good news. All three major stock indexes closed higher Tuesday, including a 72 point rise for the Dow Jones Industrial Average.
The U.S. economy is the world’s largest. Its growth or shrinkage affects global trade and the world’s general economic health.
European companies say a recovery across the continent is likely to be fueled by stronger demand in the United States. The European Commission estimates Europe’s economy, which shrank in the final three months of last year, is likely to grow again after shrinking in the last three months of 2001.
Earlier Tuesday in Europe, a new survey by the Munich-based business research group Ifo showed confidence among western German business executives climbed higher this month than at any time during the past year. A separate survey showed Italian executives were their most optimistic in the past seven months.
