US consumer confidence fell for a fourth straight month in March, according to survey data published Tuesday, hitting its lowest level since the midst of the pandemic in 2021.
The US consumer confidence index fell 7.2 points to 92.9 in March, the Conference Board announced in a statement, noting that survey respondents had flagged growing concerns about the economic impact of President Donald Trump's trade and tariff plans.
The March figure was below market expectations of 94.2, according to Briefing.com, and underscores the sharp decline in confidence since the 2024 presidential elections.
"Consumer confidence declined for a fourth consecutive month in March, falling below the relatively narrow range that had prevailed since 2022," the Conference Board's Global Indicators senior economist Stephanie Guichard said in a statement.
She added that consumers' expectations "were especially gloomy," with confidence about future employment prospects falling to a 12-year low.
"Consumers' optimism about future income -- which had held up quite strongly in the past few months -- largely vanished, suggesting worries about the economy and labor market have started to spread into consumers' assessments of their personal situations," she said.
In another worrying sign, average 12-month inflation expectations rose again, from 5.8% in February to 6.2% in March.
In write-in responses to the survey, consumers said they were still concerned about inflation, and reported growing concern about "the impact of trade policies and tariffs," according to the Conference Board.
Since taking office in January, Donald Trump has begun rolling out tariffs against some of the United States' largest trading partners, including China, Canada and Mexico, only to roll some of them back, creating a highly uncertain trade environment.
AFP