Confidence Hasn't Been This Bad in Five Years
NEW YORK (Reuters) - Consumer confidence took an unexpectedly sharp hit, dropping to a five-year low in March, the Conference Board said on Tuesday, as expectations for the future tumbled to their lowest in 34 years.
Consumers continued to fret over job prospects, the Conference Board said, as the labor market continues to tighten amid an economic slowdown brought on by the worst housing slump in a generation.
The Conference Board said its index of consumer sentiment fell in March to 64.5 -- its lowest since March 2003 -- from an upwardly revised 76.4 in February.
The median forecast of economists polled by Reuters was for a reading of 73.5 in March. February's index was originally reported at 75.0.
The Conference Board, a private business and research organization, said its expectations index fell to 47.9 -- its lowest since January 1974 -- from an upwardly revised 58.0 in February.
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