Arab Today, arab today us consumer confidence index plunges in march
Last Updated : GMT 12:18:19
Arab Today, arab today
Arab Today, arab today

US consumer confidence index plunges in March

Arab Today, arab today

Arab Today, arab today US consumer confidence index plunges in March

Washington - AFP

US consumer confidence plunged in March after February's jump, the Conference Board reported on Tuesday. The Conference Board's index lost 8.3 points to 59.7, with consumer views of both the present situation and the future diminishing from February. The fall came as the government's sharp "sequester" budget cuts came into force at the beginning of March, and federal agencies announced they would trim contracting and begin forced unpaid furloughs of workers from April. "This month's retreat was driven primarily by a sharp decline in expectations, although consumers were also more pessimistic in their assessment of current conditions," said Lynn Franco, director of the board's economic indicators. "The recent sequester has created uncertainty regarding the economic outlook and as a result, consumers are less confident."

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