By Natalie DeCoste

It has been a tough year for consumers, but things are starting to look up as consumer confidence is once again on the rise.

U.S. consumer confidence has hit a 14-month high in April aided by increased vaccinations against COVID-19, fiscal stimulus from the government, and the reopening of businesses, boosting demand and hiring by companies.

The Conference Board’s monthly Consumer Confidence Index jumped up to 121.7 in April from 109 in March. Analysts predicted that the number would only rise to 112.0. However, between rising vaccinations and an improving labor market, consumer confidence fared better than expected.

The number was also aided by the White House’s $1.9 trillion pandemic rescue package, which allowed for greater economic re-engagement. Meanwhile, retail sales hit a record high in March, and employers hired the most workers in seven months.

Other measures include the Present Situation Index (PSI), which tracks consumers’ assessment of current business and labor market conditions. The PSI rose sharply to 139.6, up from 110.1. Meanwhile, the Expectations Index, which measures consumers’ short-term outlook, rose slightly to 109.8 in April from 108.3 in March.

“Consumers are seeing the light at the end of the COVID tunnel. Led by strong spending as households return to eating out, traveling and visiting stores, the economy should surge ahead starting the second quarter and likely carrying into 2022,” said Ben Ayers, senior economist at Nationwide in Columbus, Ohio.

The Consumer Confidence Index’s April numbers were at the highest level since February 2020, just before the onset of the COVID-19 pandemic. This is also the fourth straight month of increasing confidence.

“Yesterday’s Consumer Confidence data made it pretty clear that consumers in the U.S. are increasingly more bullish on their own economic situation, on where the economy is headed broadly. They’re not really planning or bracing for any kind of change in the course of the pandemic that would cause them to change their economic behavior,” said Myles Udland to YahooFinance.

Forbes also has consumer confidence indicators that are showing positive trends upwards. The Forbes Advisor-Ipsos Consumer Confidence Tracker found that consumer sentiment rose after a dip during the prior week. Forbes’ number now stands at 60.7. The company’s survey also found that 62% of respondents believe the economy will rebound quickly once restrictions on business are lifted, up two points from last week and twice as many people who think the opposite.

“Things seem to be getting better and it would make sense that people are growing more confident in the future. Instead, they are very optimistic about the now. Whether this translates into sustained consumer activity is likely dependent on whether a strong improvement in consumers’ view of the labor market is just a view, or being realized via lower unemployment,” said Drew Matus, chief market strategist at MetLife Investment Management.