U.S. consumer confidence bounced back in March and remains high, though consumers' short-term outlook is not quite as rosy.
FILE - People shop at a Best Buy store Friday, Nov. 26, 2021, in Overland Park, Kan. U.S. consumer confidence bounced back in March and remains high, though consumers short-term outlook is not quite as rosy. The Conference Board, a business research group, said Tuesday, March 29, 2022 that its consumer confidence index which takes into account consumers assessment of current conditions and their outlook for the future rose to 107.2 in March from 105.7 in February. – U.S.
However, the expectations index, based on consumers’ six-month outlook for income, business and labor market conditions, declined to 76.6 from 80.8 in February. Respondents cited higher prices — particularly gas prices — and the war in Ukraine as the biggest factors. There are signs that American consumers are curtailing their spending. After beginning the year in a buying mood, Americans slowed their spending in February on gadgets, home furnishings and other discretionary items as higher prices for necessities — food, gasoline, and shelter — are cutting into any pay increases.
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