The Conference Board says its Consumer Confidence Index climbed to 70.4 this month, up from a revised 64.8 in January, hitting its highest level since February 2008. It was the index's fifth consecutive monthly increase and topped expectations of a reading of 65.0 among economists, according to FactSet.
The reading is better than economists had expected but still below the 90-plus readings that signal a stable economy.
Consumers' assessment of current business conditions improved only moderately in February. Their feelings about near-term job prospects were mixed.