The Conference Board Consumer Confidence Index Inches Lower in March

On Tuesday, The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released its consumer confidence report for March.

• The Consumer Confidence Index® declined to a reading of 104.7 (1985=100) in March, down from 104.8 in February.
• The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—increased to a reading of 151.0, up from 147.6 in February.
• The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—declined to a reading of 73.8, down from 76.3 in February. The Conference Board notes that any reading below 80 often signals recession ahead.

In remarks accompanying the report, Dana M. Peterson, Chief Economist at The Conference Board, said:

“Consumers’ assessment of the present situation improved in March, but they also became more pessimistic about the future. Confidence rose among consumers aged 55 and over but deteriorated for those under 55. Separately, consumers in the $50,000–99,999 income group reported lower confidence in March, while confidence improved slightly in all other income groups. However, over the last six months, confidence has been moving sideways with no real trend to the upside or downside either by income or age group.”