Consumer Confidence Soared in February

OHIOANS' CONSUMER CONFIDENCE SOARED IN FEBRUARY, SURVEY SHOWS

COLUMBUS -- The U.S. economy is humming along, and that has 
Ohio consumers humming a happy -- and record-breaking -- tune, 
according to economists at Ohio State University.

The Ohio Consumer Confidence Index set an all time high of 
106.1 in February, rising from its January level of 100.4.  The 
index was first computed in November 1996.

"It seems that Ohio consumers have shrugged off their 
concerns about Asian markets, the prospects of conflict with 
Iraq, and the effects of the recent presidential intern 
controversy," said Lucia Dunn, professor of economics at Ohio 
State.

"Consumers are focused on the solid gains of the U.S. 
economy."

The index is compiled monthly by Ohio State's Survey 
Research Unit.  Scores above 100 indicate consumers are very 
positive about the economy.

While the numbers show Ohioans are very satisfied, the Ohio 
index still lags somewhat behind a national consumer confidence 
index compiled by the University of Michigan.

"However, the gap between the Ohio and national numbers have 
been narrowing in recent months," Dunn said.

The index measures consumers' assessments of their current 
financial condition and their expectations for the future 
economy.  The results showed that consumers are most positive 
about the current economy -- that portion of the index soared by 
more than 11 percentage points.  The consumer expectations index 
rose about 3 percentage points.

The area showing least improvement was in expectations about 
personal financial conditions one year from now.  There was 
little change in the percentage of those surveyed who expected to 
be better off in a year.

"But this could hardly be considered a negative, given the 
high marks that Ohio consumers have given their current 
situation," Dunn said.

                                  #

Contact:  Lucia Dunn, (614) 292-8071
Written by Jeff Grabmeier, (614) 292-8457