The Conference Board Consumer Confidence Index dropped in March, following an increase in February. The Index now stands at 120.0, down from 132.6 in February.
“Consumer confidence declined sharply in March due to a deterioration in the short-term outlook,” said Lynn Franco, senior director of economic indicators at The Conference Board. “The Present Situation Index remained relatively strong, reflective of an economy that was on solid footing, and prior to the recent surge in unemployment claims. However, the intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs. March’s decline in confidence is more in line with a severe contraction – rather than a temporary shock – and further declines are sure to follow.”