"US Consumer Confidence Holds Steady in March 2024"

The Conference Board Consumer Confidence Index remained essentially unchanged in March at 104.7, with the Present Situation Index improving but the Expectations Index declining, potentially signaling a forthcoming recession. Consumers aged 55 and over showed increased confidence, while those under 55 became more pessimistic. Concerns about elevated price levels, particularly food and gas prices, persisted, with inflation expectations at 5.3 percent. While sentiment about current employment improved, expectations for future business conditions, labor market, and income prospects deteriorated. Additionally, consumers expressed more worry about the US political environment. Buying plans for interest-rate sensitive items decreased, but planned spending for services increased compared to last year.