U.S. consumers’ confidence hit a fresh 14-year high this month, as lower-income households reported feeling more optimistic about the economy.

The University of Michigan on Friday said the preliminary result of its consumer-sentiment index was 102.0 in March, up from 99.7 in February. That was the highest level since January 2004, and well above the 99.0 economists surveyed by The Wall Street Journal had expected.

The reading “continues what has been a strong run across a range of consumer sentiment measures,” JPMorgan Chase economist Daniel Silver said in a note to clients, adding “this strength in sentiment is one of the reasons we think consumer spending will pick up soon following a soft start to the year.”

The index rose 5.3% in March from a year earlier. A final reading for the month will be released March 29.

The latest survey showed optimism improved markedly for households in the bottom third of income distribution.