Consumer Confidence Climbs Modestly in March Despite Inflation Worries
The monthly Consumer Confidence Index, released on March 29, was up from February (105.7) at 107.2, slightly higher than economists’ expectations at 107, due to continued improvement in incomes and employment conditions. By contrast, the survey’s six-month outlook declined to 76.6, its lowest response since 2014, with respondents reporting they expect inflation to increase to 7.9% over the next 12 months. Additionally, survey questions regarding consumer purchasing intentions shifted, with expectations to purchase a car falling from 10.7% in February to 9.3%, which could indicate that consumers are responding to price increases. Read more.