The Conference Board’s Consumer Confidence Index increased in March, rising 2.2 points to 96.2 after falling in February.
The Present Situation Index fell 1.5 points to 113.5, while the Expectations Index rose 4.8 points to 84.7 in March.
“Consumers’ assessment of current conditions posted a moderate decline, while expectations regarding the short-term turned more favorable as last month’s turmoil in the financial markets appears to have abated,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “On balance, consumers do not foresee the economy gaining any significant momentum in the near-term, nor do they see it worsening.”
Outlook for the labor market was favorable, as those anticipating more jobs in the coming months increased 0.7 points to 12.9 percent, while those expecting fewer jobs fell 1.4 points to 16.3 percent. Income expectations fell however, as 17.2 percent of respondents expected their income to increase, down from 17.7 percent in the previous month.
Read the release.