Consumer sentiment rises as finances improve

Consumer confidence rose in March as Americans were more satisfied than any time in 16 years with the state of their finances and the economy, while remaining sharply divided along party lines about the outlook. The University of Michigan said Friday that its preliminary index of sentiment increased to 97.6 from 96.3 in February. The median projection in a Bloomberg survey called for 97, with estimates ranging from 95 to 100. The index of current conditions jumped three points to 114.5, the highest reading since November 2000. Households reported net gains in incomes and wealth at the strongest levels in a decade, while Republicans were “much more optimistic” than Democrats about expectations for their finances, according to the survey. Confidence is still near a 13-year high.

Samsung poised to release latest phone effort

Samsung is set to debut its next major smartphones on March 29. The new phones, expected to be called the Samsung Galaxy S8 and Galaxy S8+, are the company’s first new flagship phones since Samsung recalled the Galaxy Note 7 over problems with exploding batteries. If history is any indication, it’s likely the phones would hit shelves in mid-April. The timing of the launch gives Samsung several months of lead time over Apple’s expected release of the new iPhones. This is an important launch for Samsung as it tries to rebound from the disastrous release of its last phone. The company’s brand has taken a hit after the costly Note 7 recall, dropping from seventh to 49th in one year on the Harris Poll’s reputation list of the world’s 100 most visible companies. The company has taken steps to improve the safety of its phones.

Factory production rises for 6th straight time

WASHINGTON — U.S. factories cranked out more autos, steel and computers in February, the sixth straight monthly increase in manufacturing output. Factory production rose a seasonally adjusted 0.5 percent last month from January, the Federal Reserve said Friday. That followed another 0.5 percent gain the previous month. Factories are benefiting from greater consumer and business optimism since last fall’s presidential election. Companies are spending more on big-ticket items such as industrial machinery, and Americans are buying cars at near-record levels. Overseas growth has spurred more exports. Mining output rose 2.7 percent, spurred partly by more oil and gas drilling. Utility production plunged 5.7 percent.

as unseasonably warm weather reduced the need for heating. Overall industrial production, which includes manufacturing, mining and utilities, was unchanged in February. Factories are emerging from a rough patch that lasted from late 2015 through most of 2016. Sharply lower oil prices hammered demand for drilling equipment, such as steel pipe, and many businesses sold off excess stockpiles, reducing new orders for factory goods. A strong dollar, which makes U.S. products more expensive overseas, also weighed on exports and factory output for roughly the past two years.