U.S. March Consumer Confidence - Mixed detail but labor signals strong
March consumer confidence with a fall to 104.7 from 104.8 is weaker than expected and avoiding a second straight decline only because February was revised down from 106.7. Details are mixed with the present situation firmer at 151.0 frim 147.6 and future expectations weaker at 73.8 from 76.3.
Future expectations are the weakest since October. The concerns do not appear to be led by inflation, though the 1-year average inflation expectations edged up to 5.3% from 5.2%, erasing a February decline.
The present situation remains below January’s level but got support from positive labor market perceptions, with the percentage seeing jobs as plentiful exceeding those seeing jobs as hard to get by 32.2%, up from 30.1% in February and the strongest since July.
The message from the survey is similar to the Michigan CSI’s which bounced strongly in December and January before modest slippage in February and March. The most notable feature of the Conference Board survey just released is the strength of the labor market.
