Consumer Confidence Dips in March

New York, NY, March 27, 2007--Consumer confidence dropped in March for the first time in five months, the Conference Board reported Tuesday.

The consumer confidence index fell 3.7 points to 107.2 in March from a revised 111.2 in February.

Economists were expecting a decline to about 108.6.

"Apprehension about the short-term future has suddenly cast a cloud over consumers' confidence," said Lynn Franco, director of the private research group's consumer research unit, in a statement. "Despite diminishing expectations, consumers' assessment of the present-day conditions remains steady and does not suggest a weakening in economic conditions."

The present situation index rose slightly to 137.6 from 137.1 in February. It's the highest since August 2001.

The expectations index, however, fell to 86.9 from 93.8 in February. It's the lowest since August.

"The recent turmoil in financial markets coupled with the run-up in gasoline prices may have contributed to consumers heightened sense of uncertainty and concern," Franco said.

The percentage of consumers who think the economy is good dipped to 28.3% from 28.7%, while the percentage saying the economy is bad was unchanged at 14.9%.

The percentage saying jobs are plentiful rose to 30.5% from 27.8%, the highest since August 2001. Meanwhile the share saying jobs are hard to get also rose to 19.1% from 17.9%.

The outlook for employment is more pessimistic. The percentage saying more jobs will be available in the next six months fell to 12.7% from 13.3%, while the percentage saying jobs will be hard to find rose to 16.5% from 14.2%.