US consumer confidence improved in March | CNN Business

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Confidence in the US economy ticked up in March, despite the sudden turmoil in the banking industry, according to the latest report from the Conference Board

The business group’s Consumer Confidence Index increased to 104.2 in March from an upwardly revised reading of 103.4 the month before. Economists were expecting a reading of 101, according to Refinitiv. The March headline index saw a boost from consumers’ improved levels of confidence for the six-month-ahead time frame. The Expectations Index increased to 73 from 70.4 in February, while the Present Situation Index dipped to 151.1 from 153.

Overall purchasing plans for appliances continued to soften while automobile purchases saw a slight increase.” In the survey, the business and research group also asked a new question about service industry spending during the coming six months. Respondents said they planned to spend less on activities such as gambling, amusement park and museum visits, travel and the movies. The largest categories for spending increases include health care, household maintenance and car repair.

 

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