U.S. consumer confidence held steady this month even as Americans wrestle with higher prices and feel less optimistic about the short-term future.
The Conference Board, a business research group, said Tuesday that its consumer confidence index ticked down to 104.7 in March from a revised 104.8 in February.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
The index measuring Americans short-term expectations for income, business and the job market fell further, to 73.8 from 76.3 last month. A reading under 80 can signal a potential recession.
Consumers’ view of current conditions, however, improved to 151.0 from from 147.6.
Consumer spending accounts for about 70% of U.S. economic activity, so economists pay close attention to consumer behavior as they take measure of the broader economy.