Consumer confidence slumps to 12-year low as Americans fret over their financial prospects

Americans are increasingly anxious about their financial prospects, with a closely watched gauge of consumer confidence slumping to a 12-year low amid growing concerns about tariffs and inflation. 

The Conference Board said Tuesday that its consumer confidence index fell 7.2 points in March to 92.9, the fourth straight monthly decline and its lowest level since January of 2021. The reading was short of analysts expectations for a reading of 94.5, according to a survey by FactSet. 

The consumer confidence index measures both Americans' assessment of current economic conditions and their outlook for the next six months. The business group found that the measure of Americans' short-term expectations for income, business and the job market fell 9.6 points to 65.2. That's the lowest reading in 12 years and well below the threshold of 80, which the Conference Board says can signal a potential recession in the near future.