Consumer confidence in the US was “essentially unchanged” in March following a decline in February amid rising anxiety about the economy's outlook, The Conference Board reported today. The Conference Board Consumer Confidence Index now stands at a reading of 104.7 (1985=100), a decline from a downwardly revised 104.8 in February.  

“Consumers’ assessment of the present situation improved in March, but they also became more pessimistic about the future,” Dana Peterson, chief economist at The Conference Board, said in a press statement. “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.” 

Peterson noted that confidence has been moving sideways over the last six months with no real trend to the upside or downside, either in income or age group. 

The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — increased to a reading of 151.0 (1985=100) in March from 147.6 in February.  

However, the Expectations Index — based on consumers’ short-term outlook for income, business and labor market conditions — fell to a reading of 73.8 (1985=100), down from 76.3 reported in February. An Expectations Index reading below 80 often signals a forthcoming recession. 

“Consumers remained concerned with elevated price levels, which predominated write-in responses,” Peterson said. “March’s write-in responses showed an uptick in concerns about food and gas prices, but general complaints about gas prices have been trending downward. Meanwhile, consumers expressed more concern about the US political environment compared to prior months.” 

Consumers’ appraisal of the labor market was more positive in March, as 43.1% of consumers said jobs were plentiful, up from 42.8% in February. In addition, 10.9% of consumers said jobs were hard to get, down from 12.7%. 

Meanwhile, consumers’ assessment of the short-term labor market outlook was more pessimistic in March. While 13.9% of consumers expect more jobs to be available, down from 14.1% in February, 18.2% anticipate fewer jobs, up from 17.5%.