The Conference Board Consumer Confidence Index dropped in March after hitting a one-year high in February.
The index stands at 70.2, down from 71.6 in February. The Present Situation Index, however, increased to 51 from 46.4. The Expectations Index declined to 83 from 88.4 in February.
“Consumer confidence pulled back slightly in March after rising sharply in February. The moderate decline was due solely to a less favorable short-term outlook, while consumers’ assessment of current conditions, on the other hand, continued to improve. The Present Situation Index now stands at its highest level in three-and-a-half years (61.1, September 2008), suggesting that despite this month’s dip in confidence, consumers feel the economy is not losing momentum,” said Lynn Franco, director of The Conference Board Consumer Research Center.