NEW YORK, New York — Consumer confidence in the U.S. economy remained flat in March, according to a report by The Conference Board. This follows a slight downward revision to February’s numbers.
“Consumers’ assessment of the present situation improved in March, but they also became more pessimistic about the future,” said Dana M. Peterson, Chief Economist at The Conference Board.
While views on the current job market were more positive, expectations for the next six months dipped to their lowest point since October 2023. This decline was driven by a more pessimistic outlook on business conditions, labor market conditions, and income.
There were some bright spots, however. Sentiment regarding stock prices continued to strengthen, and planned spending on services like healthcare and travel is expected to rise in 2024.
“Consumers remained concerned with elevated price levels, particularly food and gas,” Peterson added. “However, overall inflation expectations remained steady and recession fears continued to decline.”
The Conference Board’s Consumer Confidence Index is a closely watched survey that measures consumer sentiment about the current and future state of the economy. It is based on a survey of a representative sample of U.S. households.