US Consumer Confidence Declined in March, But Less Than Expected
The consumer confidence was improving in the last several months, after it took a dive in Q3 of last month, as the global economy was slowing. The CB consumer confidence for February increased to 130.7 points, but was revised higher yesterday to 132.6 points.
That wasn’t going to last in March though, as coronavirus spread in the US and the economy is shutting down. Below is the CB consumer sentiment report for March, which closed on the 19th, so it doesn’t show the full picture. April’s report will be even worse.
- March consumer confidence at 120.0 points vs 110.0 expected
- February was 130.7 (revised to 132.6 today)
- Expectations 88.2 vs 108.1 prior
- Present situation 167.7 vs 169.3
- Cutoff date for the sample was March 19
The CB consumer confidence was expected to weaken much more and fall to 110 points, but it only fell half way, to 120 points. Although, as I said above, the full impact of the economic shutdown will be better seen in April’s report. The present situation didn’t decline much, but expectations are around 20 points lower, which confirms my point. Although, we all knew this would happen when the virus spread in the West, but let’s hope it doesn’t last too long.
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