Consumer Faith Slips Slightly

Americans’ confidence in the economy slipped in March, and prospects for future months dimmed as well, though both gauges stuck close to recent months’ high levels.

The Conference Board said Tuesday its overall index of consumer confidence fell to 118.5 in March from a revised 118.9 in February - the highest level in almost eight years. Last month’s index was originally reported as 118.4. Economists surveyed by Bloomberg News had expected a reading of 117.7 for this month’s index.

Meanwhile, the index measuring consumer expectations over the next six months slid a half point, the New York-based research group said.

“The message from consumers is that both business and employment conditions will remain upbeat through the spring and the summer,” said Lynn Franco, associate director at the Conference Board’s Consumer Research Center.

This month’s index gauging consumers’ expectations for the next six months fell to 101.4 from a revised 101.9. The index tracking consumers’ assessment of present conditions fell to 144.1 this month from a revised 144.3.