Consumer sentiment among US residents surged in March to its highest value since 2004, according to the University of Michigan. An improving job market, expectations of increased disposable income from tax cuts, and prospects for continued economic growth offset concerns about tariffs and stock market volatility triggered by the US president’s impulsive tweets and policy shifts.

Growing confidence should help to stimulate consumer spending, roughly 69 percent of the US economy in the first quarter of 2018.

The University of Michigan updates its Consumer Sentiment Index monthly based on the results of a 50-question survey of at least 500 residents of the continental US. The index seeks to capture consumer views of their own financial situation, the short-term general economy, and the long-term general economy.

The general distrust of US citizens toward big government is part of the national fabric dating back to its independence and is born out today in patterns of popularity of US presidents and the policies they represent compared to consumer sentiment.