U.S. consumer confidence declined for the fourth consecutive month in March, reaching its lowest level in over a decade, according to a new survey by the Conference Board. The Consumer Confidence Index fell to 92.9, trailing the forecast of 94.2, as economic pessimism deepened across households.
Stephanie Guichard, senior economist at the Conference Board, highlighted that consumers’ outlook for income, employment, and business conditions has plunged to a 12-year trough. The Expectations Index—a key recession indicator—dropped sharply to 65.2, far below the 80 threshold that historically signals an impending downturn.
The decline reflects widening concerns about labor market stability and personal finances. Notably, optimism about stock market growth has collapsed, with only 37.4% of consumers expecting gains in 2024—a 20-point drop from November’s peak. Market volatility, compounded by fading income prospects, has fueled skepticism.
The survey, conducted through March 19, underscores growing economic headwinds. Analysts warn that prolonged consumer caution could ripple through global markets, particularly affecting Asian economies tied to U.S. demand.
