Consumer Confidence Down 12.2% for March

Consumer confidence continues its roller-coaster ride, according to a Conference Board report issued today.

The Board's Consumer Confidence Index dropped 12.2% in March after posting a 19% gain in February and a 12% loss in January. In absolute terms, the index's March number clocked in at 59.7, 8.3 points less than February and well below the index's 1985 100-point benchmark.

"This month's retreat was driven primarily by a sharp decline in expectations, although consumers were also more pessimistic in their assessment of current conditions," said Director of Economic Indicators Lynn Franco in a statement today. "The loss of confidence, particularly expectations, mirrors the losses experienced this past December and January. The recent sequester has created uncertainty regarding the economic outlook and as a result, consumers are less confident."

Drawn from a random sample, consumers' opinions of current conditions and the near future remain pessimistic. Consumers who believe business conditions to be "good" fell 1.6 percentage points to 16%, while those describing business as "bad" increased 1.1 percentage points to 29.3%. An increasing percentage of consumers also believe that business conditions will worsen over the next six months.

Current labor market conditions provide a glimmer of hope with consumers claiming jobs are "hard to get" down 0.7 percentage points to 36.2%, but future outlooks remain negative.

link


Read/Post Comments (1) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Add your comment.

DocumentId: 2332697, ~/Articles/ArticleHandler.aspx, 7/30/2014 11:35:53 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement