- The Conference Board’s gauge of U.S. consumer confidence plunged from . 6 to in March, while economists expected a number.
- Confidence is likely to decline further in the coming months.
- It will probably take a long time before consumers start spending like before the crisis .
The Conference Board said Tuesday its consumer confidence index dropped to 164 in March from . 6 in February, its lowest level in three years. The decline was not as severe as expected, as economists polled by Dow Jones forecast . Is this a good sign? Unlikely.
Consumer Confidence Likely To Decline Further
The survey period covered Mar. 1 – , when consumers began worrying about the coronavirus.
The i mpact of coronavirus is just starting to show in the numbers . Things could be getting much worse in the coming months. The decline is just evidence of how much economic pain still waits on the horizon. Economists believe consumer confidence will likely decline further as the impact of the virus weighs more on the economy. Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said:
The i mpact of coronavirus is just starting to show in the numbers . Things could be getting much worse in the coming months. The decline is just evidence of how much economic pain still waits on the horizon. Economists believe consumer confidence will likely decline further as the impact of the virus weighs more on the economy. Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said:
Consumer confidence declined sharply in March due to a deterioration in the short-term outlook. The intensification of COVID – and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs. March’s decline in confidence is more in line with a severe contraction – rather than a temporary shock – and further declines are sure to follow.
Data from John Hopkins University showsthat more than , (cases) of COVID – 31 have been confirmed globally. About 310, 06 are in the US
GIPHY App Key not set. Please check settings