Consumer confidence faltered in March, according to an industry measure.
The Conference Board Consumer Confidence Index® for March posted a 124.1 reading, a decrease from 131.4 in February.
The Expectations reading, which assesses attitudes on business, employment and income prospects six months out, suffered as well, down to 99.8, while the Present Situation reading, which assesses attitudes on conditions currently, tumbled to 160.6.
“Consumer confidence decreased in March after rebounding in February, with the Present Situation the main driver of this month’s decline,” said Lynn Franco, senior director of Indicators at The Conference Board, in a statement. “Confidence has been somewhat volatile over the past few months, as consumers have had to weather volatility in the financial markets, a partial government shutdown and a very weak February jobs report. Despite these dynamics, consumers remain confident that the economy will continue expanding in the near term; however, the overall trend in confidence has been softening since last summer, pointing to a moderation in economic growth.”
Source: The Conference Board