Consumer confidence declined further in March, with the Conference Board reporting a significant drop in the outlook for future conditions to the lowest level in over a decade. The board’s monthly confidence index for current conditions fell to 92.9, marking the fourth consecutive monthly decline. The index for future expectations dropped sharply to 65.2, the lowest reading in 12 years, indicating potential recession concerns. The decline was driven by those aged 55 or older but affected all income groups. Additionally, expectations for the stock market turned negative, with only 37.4% of respondents expecting higher equity prices in the next year. The labor market outlook also weakened, with fewer respondents expecting more jobs to be available. — news from CNBC
