US consumer confidence hits five-year low

NEW YORK -- US consumer confidence hit five-year low in March, said an economic research group Tuesday.

The Conference Board Consumer Confidence Index, which had declined sharply in February, fell further in March, said the Conference Board in its monthly report.

The index now stands at 64.5, down from 76.4 in February while the Expectations Index declined to 47.9 from 58.0 and the Present Situation Index decreased to 89.2 from 104.0 in February.

"Consumers' confidence in the state of the economy continues to fade and the index remains at a five-year low," said Lynn Franco, director of the Conference Board consumer research center. "The decline in the Present Situation Index implies that the pace of growth in recent months has weakened even further."

"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," he added.

The Consumer Confidence Survey is based on a representative sample of 5,000 US households. The cutoff date for March's preliminary results was March 18th.

(Agencies)