Having shrugged off stock market volatility in February, with present situation confidence buoyed by tax reform hope, Conference Board Consumer Confidence slipped in March (and missed expectations).
February’s headline data was an 18 year high, so this remains an extreme level of confidence… Both current and future expectations also slid lower in March:
“Consumer confidence declined moderately in March after reaching an 18-year high in February,” said Lynn Franco, Director of Economic Indicators at The Conference Board.
“Consumers’ assessment of current conditions declined slightly, with business conditions the primary reason for the moderation.
Consumers’ short-term expectations also declined, including their outlook for the stock market, but overall expectations remain quite favorable. Despite the modest retreat in confidence, index levels remain historically high and suggest further strong growth in the months ahead.”
After reaching record highs in January, Americans’ confidence in continued stock market gains has crashed to its lowest since Trump’s election…
This is the biggest two-month collapse in stock market confidence in the survey’s 30-year history…