US consumer confidence rises slightly in March: The Conference Board

The survey found 18.5 per cent expect business conditions to worsen, down from 21.6 per cent.

Consumers’ assessment about the short-term labour market outlook was slightly more positive, with 15 per cent of them expecting more jobs to be available, up from 14.5 per cent, while 19.9 per cent anticipating fewer jobs—down from 21.2 per cent.

Consumers’ short-term income prospects was, on balance, less upbeat, with 14.9 per cent of them expecting their incomes to rise—up from 14.4 per cent last month.

On the contrary, 13.6 per cent expect their incomes will decrease, up from 11.6 per cent in February.

The present situation index—based on consumers’ assessment of current business and labour market conditions—decreased to 151.1 (1985=100) in March from 153 last month.

The expectations index—based on consumers’ short-term outlook for income, business and labour market conditions—ticked up to 73.0 (1985=100) from 70.4 in February.

However, for 12 of the last 13 months—since February 2022—the expectations index has been below 80, the level which often signals a recession within the next year.

The results reveal that consumers plan to spend less on highly discretionary categories such as playing the lottery, visiting amusement parks, going to the movies, personal lodging and dining, New York-based The Conference Board, a non-profit business membership and research organisation, said in a release.

However, they say they will spend more on less discretionary categories such as health care, home or auto maintenance and repair, and economical entertainment options such as streaming. Spending on personal care, pet care and financial services, it added.

Fibre2Fashion News Desk (DS)