Consumer Confidence Looking Flat for March
The Conference Board Consumer Confidence Index, which had declined sharply in February, was flat in March. The Index now stands at 26 (1985=100), up from 25.3 in February.
The Present Situation Index declined to 21.5 from 22.3 last month. The Expectations Index increased to 28.9 from 27.3 in February.
"Consumer confidence was relatively unchanged in March, after reaching an all-time low in February" since Index began in 1967, said Lynn Franco, director of the Conference Board Consumer Research Center. "The Present Situation Index suggests that the overall state of the economy remains weak and that more job losses are on the horizon. Apprehension about the outlook for the economy, the labor market and earnings continues to weigh heavily on consumers' attitudes. Looking ahead, consumers remain extremely pessimistic about the short-term future and do not foresee a turnaround in economic conditions over the coming six months."