Consumer confidence from the Conference Board
- Prior was 130.7 (revised to 132.6)
- Expectations 88.2 vs 108.1 prior
- Present situation 167.7 vs 169.3
- Cutoff date for the sample was March 19
The 'present situation' index held up much better than expected but I don't believe that will last.
"Consumer confidence declined sharply in March due to a deterioration in the short-term outlook," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "The Present Situation Index remained relatively strong, reflective of an economy that was on solid footing, and prior to the recent surge in unemployment claims. However, the intensification of COVID-19 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."
