The State of the Economy for March 2025
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C-SUITE PERSPECTIVES

The State of the Economy for March 2025

Unpack what’s behind declining consumer sentiment and how it could shape consumer spending and US economic growth this year.

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In March, consumer confidence saw its fourth month-on-month decline, with people’s assessment of current business and labor market conditions, plus their short-term outlook for income, business and labor market conditions, all dropping. 

 

Crucially, consumers’ optimism about future income, which had held up strongly in recent months, largely vanished, which suggests that worries about the wider economy and labor market have started to spread to people’s assessments of their personal situations. 

 

Yelena Shulyatyeva, Senior Economist,and Stephanie Guichard, Senior Economist of Global Indicators, both of The Conference Board, unpack what’s behind declining consumer sentiment, including survey respondents' write-in responses, and how it could shape consumer spending and US economic growth this year. 

 

(01:49) Detailed Breakdown of Consumer Expectations
(03:24) Impact of Market Volatility
(05:44) Inflation Expectations and Consumer Sentiment
(06:56) Tariffs and Their Influence on Consumer Views
(08:25) Positive Highlights from the Survey
(14:27) Federal Reserve's Potential Actions
(17:53) Key Indicators to Watch Moving Forward

 

For more from The Conference Board: 

  • US Consumer Confidence Tumbled Again in March 

  • Download the full Consumer Confidence Survey Report 

  • How Badly Will Uncertainty Affect US GDP Growth in 2025? 

 

The State of the Economy for March 2025

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In March, consumer confidence saw its fourth month-on-month decline, with people’s assessment of current business and labor market conditions, plus their short-term outlook for income, business and labor market conditions, all dropping. 

 

Crucially, consumers’ optimism about future income, which had held up strongly in recent months, largely vanished, which suggests that worries about the wider economy and labor market have started to spread to people’s assessments of their personal situations. 

 

Yelena Shulyatyeva, Senior Economist,and Stephanie Guichard, Senior Economist of Global Indicators, both of The Conference Board, unpack what’s behind declining consumer sentiment, including survey respondents' write-in responses, and how it could shape consumer spending and US economic growth this year. 

 

(01:49) Detailed Breakdown of Consumer Expectations
(03:24) Impact of Market Volatility
(05:44) Inflation Expectations and Consumer Sentiment
(06:56) Tariffs and Their Influence on Consumer Views
(08:25) Positive Highlights from the Survey
(14:27) Federal Reserve's Potential Actions
(17:53) Key Indicators to Watch Moving Forward

 

For more from The Conference Board: 

  • US Consumer Confidence Tumbled Again in March 

  • Download the full Consumer Confidence Survey Report 

  • How Badly Will Uncertainty Affect US GDP Growth in 2025? 

 

Return to podcast series

Experts in this series

Join experts from The Conference Board as they share Trusted Insights for What’s Ahead®

Yelena Shulyatyeva

Yelena Shulyatyeva

Senior US Economist
The Conference Board

Read Bio

Stephanie Guichard, PhD

Stephanie Guichard, PhD

Senior Economist, Global Indicators
The Conference Board…

Read Bio

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C-Suite Perspectives provides unique insights for C-Suite executives on timely topics that matter most to businesses as selected by The Conference Board. If you would like to suggest a guest for the podcast series, please email csuite.perspectives@conference-board.org. Note: As a non-profit organization under 501(c)(3) of the IRS Code, The Conference Board cannot promote or offer marketing opportunities to for-profit entities.


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