Consumer Confidence Drops in March as COVID-19 Cases Increase

The Conference Board has reported that its consumer confidence index dropped from 132.6 in February to 120 in March. As U.S. consumers deal with the COVID-19 pandemic. Lynn Franco, senior director of economic indicators at The Conference Board in a prepared statement said, “Consumer confidence declined sharply in March due to a deterioration in the short-term outlook. The intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs. March’s decline in confidence is more in line with a severe contraction – rather than a temporary shock – and further declines are sure to follow.”