U.S. consumer confidence declines in March

NEW YORK, March 27 (Xinhua) -- U.S. consumer confidence declined in March after reaching an 18-year high last month, New York-based research group The Conference Board said in a report Tuesday.

The Conference Board Consumer Confidence Index registered 127.7 in March, down from 130.0 in the previous month.

The Present Situation Index decreased from 161.2 to 159.9, while the Expectations Index declined from 109.2 to 106.2.

"Consumer confidence declined moderately in March after reaching an 18-year high in February," Lynn Franco, director of economic indicators at The Conference Board, said.

"Consumers' assessment of current conditions declined slightly, with business conditions the primary reason for the moderation. Consumers' short-term expectations also declined, including their outlook for the stock market, but overall expectations remain quite favorable. Despite the modest retreat in confidence, index levels remain historically high and suggest further strong growth in the months ahead," Franco said.

Consumers were moderately less optimistic about the short-term outlook in March. The percentage of consumers anticipating that business conditions will improve over the next six months decreased from 25.0 percent to 23.0 percent. Those expecting business conditions will worsen increased from 9.4 percent to 9.8 percent, according to the report.

Consumers' job market outlook was also less positive. The proportion expecting more jobs in the months ahead decreased from 22.4 percent to 19.1 percent, while those anticipating fewer jobs increased from 12.4 percent to 12.6 percent. Enditem