University of Michigan Consumer Confidence – March 2014
Although it’s not having much market impact, the first-take from Michigan on consumer confidence failed to match forecasts of a climb, and edged lower this month. The headline gauge fell to 79.9 from 81.6 and was weighed down by the sharpest decline in the outlook index. The 3.3-point drop to 69.4 for the outlook gauge carries more weight (60%) in the headline component. The current conditions gauge, which accounts for 40% of the headline, actually advanced for March to 96.1 from a February reading of 95.4. The series of indexes has a base value of 100 set in 1966. And while confidence is approaching its highs achieved in December, the level remains below the heady days of 2006 when it popped above 113.0.
Chart – Biggest slip in five months for consumers’ outlook