Consumer Confidence Fell Sharply in March
March 31 2020 - 11:00AM
Dow Jones News
By Gwynn Guilford
A measure of consumer confidence dropped in March as the new
coronavirus pandemic gathered steam in the U.S., according to
survey data released Tuesday.
The Conference Board, a private research group, said its index
of consumer confidence sank to 120.0 in March from a revised 132.6
in February. Economists surveyed by The Wall Street Journal had
expected a reading of 110.0.
The index's decline signals a darkening of consumers' outlook as
the coronavirus began to have a widespread impact on the economy,
said Lynn Franco, senior director of economic indicators at the
Conference Board.
"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," she said.
This month's consumer confidence data are based on survey
responses collected March 1-19. During that period, the number of
identified U.S. coronavirus cases and deaths grew and government
authorities across the country started shutting down commercial
activities and encouraging Americans to stay home.
The drop in the headline index was driven by a slump in
consumers' short-term outlook, which plummeted to 88.2 in March,
from a revised 108.1 in February. The index of consumers' views on
present conditions declined by much less, slipping to 167.7 from a
revised 169.3 the previous month.
Write to Gwynn Guilford at gwynn.guilford@wsj.com
(END) Dow Jones Newswires
March 31, 2020 10:45 ET (14:45 GMT)
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