March Consumer Confidence Rises Despite Headwinds
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March Consumer Confidence Rises Despite Headwinds

March 30, 2022 | Chart

The Conference Board Consumer Confidence Index® increased slightly in March, after a decrease in February. The Index now stands at 107.2 (1985=100), up from 105.7 in February.

The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose substantially, suggesting that economic growth continued into late Q1. However, the Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions— weakened further, with consumers citing rising prices, especially at the gas pump, and the war in Ukraine as factors.

Nevertheless, consumer confidence continues to be supported by strong employment growth and thus has been holding up remarkably well despite geopolitical uncertainties and expectations for inflation over the next 12 months reaching 7.9 percent—an all-time high. However, these headwinds are expected to persist in the short term and may potentially dampen confidence as well as cool spending further in the months ahead.

For more information about the latest reading of the Consumer Confidence Index®, please visit our website.

AUTHOR

LynnFranco

Former Senior Director, Economic Indicators and Surveys
The Conference Board


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