The Conference Board’s consumer confidence index declined in March, following an increase to an 18-year high in February. The index fell to a reading of 127.7 (1985=100) from 130.0 in February.

“Consumers’ assessment of current conditions declined slightly, with business conditions the primary reason for the moderation,” said Lynn Franco, director of economic indicators at The Conference Board. “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.”

Consumers’ outlook for the job market was also less positive. The proportion expecting more jobs in the months ahead decreased to 19.1% from 22.4%, while those anticipating fewer jobs increased to 12.6% from 12.4%.

However, the number of consumers stating that jobs were “plentiful” edged up to 39.9% in March from 39.1% in February while those claiming jobs are “hard to get” decreased to 14.9% from 15.1%.