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Economy

Economic Data (USA)

Tuesday, March 31, 2020

Consumer Confidence Index (CCI) for March 2020

The Consumer Confidence Index® (CCI) for this month (March 2020) was released by The Conference Board® this morning:

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Predicted: 110.0
  • Actual: 120.0

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Previous Month (revised): 132.6
 
  • Change from Previous Month: -9.502% (-12.6 points)
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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence declined sharply in March due to a deterioration in the short-term outlook,' said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. 'The Present Situation Index remained relatively strong, reflective of an economy that was on solid footing, and prior to the recent surge in unemployment claims. However, the intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs. March’s decline in confidence is more in line with a severe contraction -- rather than a temporary shock -- and further declines are sure to follow.'..."

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

  • The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

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