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US consumer confidence rose slightly in March, signaling solid job growth offset Americas’ worries over high inflation that pose risks to spending and growth.
Source: The Conference Board
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The Conference Board’s index rose to 107.2 from a downwardly revised 105.7 reading in February, which was the lowest level in a year.
Even though confidence rose slightly, Americans are struggling with the highest inflation since 1982, which is surpassing wage gains and being fueled further by Russia’s invasion of Ukraine.
The percentage of consumers who stated that jobs were “plentiful” rose to a record-high 57.2%.
Consumers were also mixed about their short-term financial outlook. The percentage who expect their incomes to increase in the next six months increased, but those who expect their pay to fall also increased.
The Conference Board’s expectations index dropped to 76.6, the lowest level since 2014.
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