US Consumer Confidence falls to 124.1, much worse than the eyed 124.1 and 131.4 prior

The Conference Board Consumer Confidence Index® declined in March, after increasing in February. The Index now stands at 124.1 (1985=100), down from 131.4 in February. The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – declined, from 172.8 to 160.6. The Expectations Index – based on consumers’ short-term outlook for income, business and labor market conditions – decreased from 103.8 last month to 99.8 this month.

“Consumer Confidence decreased in March after rebounding in February, with the Present Situation the main driver of this month’s decline,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Confidence has been somewhat volatile over the past few months, as consumers have had to weather volatility in the financial markets, a partial government shutdown and a very weak February jobs report. Despite these dynamics, consumers remain confident that the economy will continue expanding in the near term. However, the overall trend in confidence has been softening since last summer, pointing to a moderation in economic growth.”

The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was March 14.

Consumers’ assessment of current conditions declined in March. The percentage of consumers stating business conditions are “good” decreased from 40.6 percent to 33.4 percent, while those saying business conditions are “bad” increased from 11.1 percent to 13.6 percent. Consumers’ assessment of the labor market was less upbeat. Those stating jobs are “plentiful” decreased from 45.7 percent to 42.0 percent, while those claiming jobs are “hard to get” increased from 11.7 percent to 13.7 percent.

Consumers’ optimism about the short-term future moderated in March. The percentage of consumers expecting business conditions will improve over the next six months declined from 19.6 percent to 17.7 percent, while those expecting business conditions will worsen remained relatively flat, 9.3 percent versus 9.2 percent last month.

Consumers’ outlook for the labor market was less favorable. The proportion expecting more jobs in the months ahead decreased from 19.0 percent to 16.4 percent, while those anticipating fewer jobs increased from 12.3 percent to 13.4 percent. Regarding their short-term income prospects, the percentage of consumers expecting an improvement rose slightly, from 20.6 percent to 21.0 percent, while the proportion expecting a decrease declined, from 8.3 percent to 7.6 percent.

Conference Board

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.