The Conference Board Consumer Confidence Index showed an increase in February to 72.0 but declined in March to stand at 63.4.
The Present Situation Index component improved to 36.9 from 33.8. The Expectations Index component decreased to 81.1 from 97.5 last month.
"The sharp decline in confidence was prompted by a sharp decline in expectations," explained Lynn Franco, director of The Conference Board Consumer Research Center. "Consumers’ inflation expectations rose significantly in March and their income expectations soured, a combination that will likely impact spending decisions. On the other hand, consumers’ assessment of current conditions improved, indicating that while the short-term future may be uncertain, the economy continues to expand.”
The monthly Consumer Confidence Survey is conducted for The Conference Board by The Nielsen Company.
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