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The Conference Board's index of consumer confidence hit 125.6 in March – its highest level since December 2000. NAFCU Chief Economist and Director of Research Curt Long said consumers are feeling more optimistic as the "labor market improves and as equity prices rise."

"Strong consumer confidence should bode well for economic growth in the coming months," he added.

The index stood at 116.1 in February.

The Conference Board Director of Economic Indicators Lynn Franco said that during March, "Consumers' assessment of current business and labor market conditions improved considerably. Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects."

The March index also shows that the percentage saying business conditions are "good" increased from 28.3 percent to 32.2 percent; those saying business conditions are "bad" decreased from 13.4 percent to 12.9 percent.

Consumers' assessment of the labor market was also more upbeat. The percentage of consumers saying jobs are "plentiful" was up from 26.9 percent to 31.7 percent, while those claiming jobs are "hard to get" decreased from 19.9 percent to 19.5 percent.

Consumers' outlook for the labor market was also up. Those expecting more jobs in the months ahead increased from 20.9 percent to 24.8 percent, while those anticipating fewer jobs declined from 13.6 percent to 12.2 percent. The percentage of consumers expecting their incomes to increase improved from 19.2 percent to 21.5 percent; those expecting a decrease declined from 8.1 percent to 7 percent.