Consumer confidence still tumbling

U.S consumer confidence tumbled in March and remains at a five-year low. The index slid 11.9 points to 64.5 for the month, marking the lowest figure seen since March 2003, according to the New York-based private research company. The drop was attributed to a pessimistic view of the job market and concerns over business conditions, according to the Conference Board’s index of consumer sentiment. The Present Situation Index, which measures how shoppers feel about current economic conditions, fell 14.8 points in March to 89.2. The Expectations Index, which measures shoppers’ outlook for the next six months, dropped to 10.1 points to 47.9 for its lowest level since December of 1973 when the U.S was in the midst of an oil embargo and the Watergate scandal. “Looking ahead, consumers’ outlook for business conditions, the job market and their income prospects is quite pessimistic and suggests further weakening may be on the horizon,” said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement. The monthly Consumer Confidence Survey is administered by the TNS research agency and is based on a representative sample of 5,000 U.S households.