The Consumer Confidence Index, which had declined sharply last month, was unchanged in March and now stands at 88.3 (1985=100) compared to 88.5 in February, according to a report released yesterday by the Conference Board. The Present Situation Index rose to 84.1 from 83.3 and the Expectations Index dipped slightly to 91.0 from 91.9.
"While consumers claimed business conditions were more favorable in March than last month, they also claimed jobs were less readily available," said Lynn Franco, director of the Conference Board's Consumer Research Center. "The labor market not only continues to dampen consumers' present-day spirits, but it is also making them less optimistic about the short-term outlook."
Consumers' optimism about future conditions continues to wane, according to the report. Those expecting business conditions to improve in the next six months dipped to 19.3 percent from 19.5 percent. Consumers expecting conditions to worsen was unchanged at 9.6 percent. Consumers' assessment of current conditions is more favorable today than last month, with those claiming business conditions improved increasing to 20.7 percent from 19.3 percent. Consumers claiming conditions have worsened was almost unchanged at 23.3 percent. Those anticipating more jobs to become available fell to 15.7 percent in March compared to 16.4 percent the previous month.