Instant view: Consumer confidence hits three-year high

NEW YORK (Reuters) - Consumer confidence rose in February to a three-year high amid improved optimism about the economy and income prospects, according to a private sector report released on Tuesday.

KEY POINTS: * The Conference Board, an industry group, said its index of consumer attitudes rose to 70.4 in February from a revised 64.8 in January. It was the highest level since February 2008. * The median of forecasts from analysts polled by Reuters was for a reading of 65. Forecasts ranged from 60 to 70. * January was originally reported as 60.6. The Conference Board revised January's figure to 65.6 earlier in the month to reflect newly included data collected by the Nielsen Co that will now be part of the survey. * The expectations index rose to 95.1, its highest level since December 2006, from 87.3, while consumer expectations for inflation in the coming 12 months rose to 5.6 percent from 5.5 percent the month before. Inflation expectations were at their highest since June 2009.

COMMENTS: GENNADIY GOLDBERG, U.S. FIXED INCOME ANALYST, 4CAST INC., NEW YORK

"The global jitters are really trumping the consumer confidence data. The market's just kind of essentially let this one go and is focusing on the geopolitical risks."

SEAN INCREMONA, ECONOMIST, 4CAST LTD, NEW YORK

"Its very strong, much strong than expected. Not sure how much it will be affected by the new company that's collecting the data but broadly its in line with continued strength in consumer spending. Stocks popped up a bit, its a positive number and that could offset some of the negative tone we've seen from outside the U.S. borders."

DAVID SLOAN, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON REUTERS:

"The February index is at a 3 year high and while new methodology may create some confusion over historic comparisons, the monthly improvement (a 5th straight) is a clear sign that consumers are becoming more positive about the economy. While far from a reliable guide to spending it hints that a January slowdown in retail sales was due to weather rather than the improved underlying momentum seen in Q4 consumer spending starting to fade."