Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Consumer confidence continued a four-month string of declines in March, and consumers reported a broad deterioration in their assessment of the inflation outlook and business conditions. The Expectations Index fell to its lowest point in 12 years, as the uncertain impact of tariffs continues to cloud the outlook for consumers.
Consumer Confidence Corroborates Sour Sentiment Surveys
The Conference Board’s measure of consumer confidence came in at 92.9 in March, over a point below the Bloomberg consensus estimate. Following four months of consecutive declines in consumer confidence, the index is now at its lowest point since early 2021. The sour mood evident in March’s survey is in line with other sentiment surveys that note consumers reporting increased uncertainty (chart).
The Present Situation Index, a gauge of consumers’ current assessment of economic conditions, fell to 134.5, its lowest reading since September.