U.S. Consumer Confidence Reports Show Positive Results In March

The Conference Board announced on Tuesday, March 28, that its consumer confidence index increased from 103.4 in February to 104.2 in March.

Some Statistics

Consumer confidence in the United States surprisingly climbed in March. However, Americans are still concerned about the labor situation and expect inflation to continue to be high over the next year.

As per the Economic Times, the Conference Board survey, which was conducted almost two weeks after the failure of two regional banks in the United States, also revealed that more consumers intended to purchase automobiles and home appliances like refrigerators, washing machines, and television sets over the following six months.

On the other hand, consumers intended to reduce their discretionary spending on things like gambling, trips to theme parks, seeing movies, and eating out. Yet, they wanted to raise spending on personal grooming, pet care, house and auto upkeep, and healthcare.

Although there hasn’t been a strong relationship between consumer confidence and spending, the study found that consumption may expand slightly and support the broader economy.

Some Indexes

The business research group’s present situation index, which gauges consumers’ opinions on the state of the economy and labor market, dropped slightly from 153 last month to 151.1 this month.

The board’s expectations index, which measures consumers’ expectations for the six months of income, business, and labor circumstances, increased in March from 70.4 to 73. According to the Conference Board, a number below 80 frequently foreshadows a recession for the following year.

The Federal Reserve has raised interest rates nine times since March of last year to chill the economy and lower persistent, four-decade-high inflation. Still, consumer spending, accounting for nearly 70% of U.S. economic activity, has remained robust. The cost of using credit cards or getting a loan for a home, vehicle, or other items may increase due to such rate changes.

Related Stories:

Shop with Confidence: World Consumer Rights Day Celebrated Worldwide on March 15 Stimulus March 2023: Social Security Payments, Consumer Confidence, Auto Sales, and Job Market ‘Aryan Khan is a regular consumer of drugs’ – NCB, To be in Jail until Oct 20 Watch: Kareena Kapoor Ignores Ex Shahid Kapoor at an Awards Show Gigi Hadid’s Daughter Khai Steals the Show in Summertime Outings NASA Confirms Launch Date for Its Massive Moon Rocket Watch: Ranveer Singh Kisses Deepika Padukone at Manish Malhotra Show Aaradhya Bachchan Steals The Show With Stunning Look at Ambani Pre Wedding Ceremony