Consumer confidence in where the economy is headed hits 12-year low

Consumer confidence dimmed further in March as the view of future conditions fell to the lowest level in more than a decade, the Conference Board reported Tuesday.

The board’s monthly confidence index slipped to 92.9, a 7.2-point decline and the fourth consecutive monthly contraction. Economists surveyed by Dow Jones had been looking for a reading of 93.5.

However, the measure for future expectations told an even darker story, with the index tumbling 9.6 points to 65.2, the lowest reading in 12 years and well below the 80 level that is considered a signal for a recession ahead.

The index measures respondents’ outlook for income, business and job prospects.

“Consumers’ optimism about future income — which had held up quite strongly in the past few months — largely vanished, suggesting worries about the economy and labor market have started to spread into consumers’ assessments of their personal situations,” said Stephanie Guichard, senior economist, Global Indicators at The Conference Board.

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