Further Declines in Consumer Confidence
NEW YORK (CNN/Money) – Consumer confidence slid further in early March, according to the results of a relatively new private survey released Tuesday.
The monthly consumer confidence measure compiled by Investor’s Business Daily and TechnoMetrica Market Intelligence, a private research firm, slid to 54.5 in March from 56.5 in February. The index had hit a 22-month high of 60.6 in January.
Once again it’s worth reiterating that confidence levels were extremely high in January. Nevertheless, the continued drop in consumer confidence does not bode well for the continued recovery. This goes hand in hand with reports from the IRS that tax refunds are only about $100 more than last year, on average. The Treasury Dept. had forecast that they would be $300 more. With negative income surprises like that, declining consumer confidence seems less of a mystery…