US consumer confidence took a sharp turn lower in March, with Conference Board’s index dropping -7.2 pts to 92.9, well below expectations of 94.2. Present Situation Index slipped -3.6 pts to 134.5.
The real concern lies in Expectations Index, which plummeted nearly 10 points to 65.2, its lowest level in 12 years and far beneath the 80-mark typically associated with recession.
Stephanie Guichard, Senior Economist at the Conference Board, noted that consumer confidence has now declined for four straight months, falling outside of the stable range observed since 2022.
Most worrying was the sharp drop in income expectations, which had previously remained resilient. Guichard highlighted that “worries about the economy and labor market have started to spread into consumers’ assessments of their personal situations.”
