U.S. consumer confidence held steady this month even as Americans wrestle with higher prices and feel less optimistic about the short-term future. The Conference Board, a business research group, said Tuesday that its consumer confidence index ticked down to 104.7 in March from a revised 104.8 in Feb
Quick Read
- Stable Consumer Confidence: In March, U.S. consumer confidence remained largely unchanged, with the Conference Board’s index slightly decreasing to 104.7 from 104.8 in February.
- Economic Assessments and Outlooks: The index reflects Americans’ perceptions of current economic conditions and their expectations for the next six months.
- Short-term Expectations Decline: The component of the index focusing on short-term economic expectations experienced a drop to 73.8, down from 76.3, suggesting concerns about a potential recession.
- Improved View of Current Conditions: Contrarily, Americans’ assessment of the current economic situation showed improvement, with the related index part rising to 151.0 from 147.6.
- Impact on the Economy: Given that consumer spending constitutes approximately 70% of U.S. economic activity, shifts in consumer confidence are closely monitored for insights into the overall economic health.
The associated Press has the story:
US consumer confidence holds steady even as high prices weigh on household budgets
Newslooks- (AP)
U.S. consumer confidence held steady this month even as Americans wrestle with higher prices and feel less optimistic about the short-term future. The Conference Board, a business research group, said Tuesday that its consumer confidence index ticked down to 104.7 in March from a revised 104.8 in February.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
The index measuring Americans short-term expectations for income, business and the job market fell further, to 73.8 from 76.3 last month. A reading under 80 can signal a potential recession.
Consumers’ view of current conditions, however, improved to 151.0 from from 147.6.
Consumer spending accounts for about 70% of U.S. economic activity, so economists pay close attention to consumer behavior as they take measure of the broader economy.
