US consumer confidence came in lower than expected in March and was largely unchanged from a month earlier, according to survey data published Tuesday, with consumers concerned about prices and politics.
Muted confidence in the world’s biggest economy poses a challenge for President Joe Biden’s administration as it seeks to highlight recent US economic strength ahead of a likely rematch in November against former Republican president Donald Trump.
Consumer confidence slipped to 104.7, down slightly from a revised 104.8 in February, the Conference Board said in a statement.
The March data came in below market expectations, according to Briefing.com, marking the second month in a row that this has occurred.
February’s numbers also marked the second consecutive month that data has been revised lower.
“Consumers’ assessment of the present situation improved in March, but they also became more pessimistic about the future,” Conference Board chief economist Dana Peterson, said in a statement.
“Consumers remained concerned with elevated price levels,” he continued, adding that recession fears continued to trend lower.
“Meanwhile, consumers expressed more concern about the US political environment compared to prior months,” he said.
Consumer confidence actually rose for people aged 55 and older, but deteriorated for those below this age.
All income groups reported greater confidence except those earning between $50,000 and $99,999, Peterson said.
