A report has shown that US consumer confidence hit a three-year high in February as Americans became more optimistic about their finances in the near-term.
'Consumers are more positive about the economy and their income prospects, but feel somewhat mixed about employment conditions,' said Lynn Franco of the Conference Board, which compiled the report.
A separate survey showed that US housing prices took a sharp drop in the fourth quarter in 2010, after signs of life entered the market earlier in the year.
In a new indication of continued weakness in the crucial housing sector, average prices in 20 major metropolitan areas were off 4.1% in October-December compared with a year earlier, according to the S&P/Case Shiller national index.
Prices were also down 3.9% from the third quarter of 2010, and improved in only two of the 20 key markets - San Diego and Washington DC - in the year to December, according to the index.
Restoring growth back to the crucial housing sector has been a key goal of the government's attempt to revive the economy. But prices have continued to drop since the middle of 2010 after the expiration of tax incentives for first-time homebuyers, and banks tightened requirements for borrowers.
