U.S. Consumer Confidence Slips Again in March

Consumer confidence, hurt by worries about jobs, fell in March, a private research group said Tuesday. It was the second straight monthly decline.

The consumer confidence index dropped to 102.4 from a revised 104.4 in February, according to the New York-based Conference Board. Analysts had expected a reading of 103. The index had fallen by a revised 0.7 point in February.

The March figure was the lowest since November, when the reading was 92.6.

Despite the two declines, said Lynn Franco, director of the Conference Board’s Consumer Research Center, its survey of U.S. households showed that consumers remained resilient.

“Consumers are still quite confident despite recent increases in unemployment claims and rising prices at the gas pump,” Franco said. “Their overall assessment of current economic conditions remains favorable, and their short-term outlook suggests little change in the months ahead.”

She added, “In fact, while expectations have lost ground, consumers anticipate the job market will continue to improve, and easing employment concerns should help keep spending on track.”

Franco noted that the recent increase in gasoline prices has not had an effect on confidence -- yet. She said that would depend on the duration and extent of rising prices.

Economists closely track consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity.

The expectations index, a component of the confidence index that measures consumers’ outlook for the next six months, declined to 93.7 from 96.1 last month. The present situation index slipped to 115.6 from 116.8.