Consumer confidence retracted in March, posting a 127.7 reading in the latest Consumer Confidence Index® from The Conference Board. February’s reading was 130.
The Expectations reading of the Index, which gauges how consumers feel about their business, employment and income prospects six months out, fell to 106.2; in addition, the Present Situation reading, which gauges how consumers feel about conditions currently, fell to 159.9.
“Consumer confidence declined moderately in March after reaching an 18-year high in February,” said Lynn Franco, director of Economic Indicators at The Conference Board, in a statement. “Consumers’ assessment of current conditions declined slightly, with business conditions the primary reason for the moderation. Consumers’ short-term expectations also declined, including their outlook for the stock market, but overall expectations remain quite favorable. Despite the modest retreat in confidence, Index levels remain historically high and suggest further strong growth in the months ahead.”
Source: The Conference Board
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