Bags are displayed in the window of a Kate Spade store in Pittsburgh on Monday, Jan. 30, 2023. On Tuesday, the Conference Board reports on U.S. consumer confidence for February. (AP Photo/Gene J. Puskar)
Higher-income consumers are feeling better about the economy, and their optimism is helping lift the Conference Board Consumer Confidence Index.
The index, which tracks consumers' expectations of business and labor market conditions, increased slightly to 104.2 in March, up from 103.4 the month before.
"Driven by an uptick in expectations, consumer confidence improved somewhat in March, but remains below the average level seen in 2022 (104.5)," said Ataman Ozyildirim, senior director of economics at The Conference Board, in a press release. "The gain reflects an improved outlook for consumers under 55 years of age and for households earning $50,000 and over."
He added that while consumers are more optimistic about the near future, they are less sure about the current economy.
"The share of consumers saying jobs are 'plentiful' fell, while the share of those saying jobs are 'not so plentiful' rose," Ozyildirim said.
The index showed that consumers expect to spend less on discretionary purchases, such as entertainment and dining out, and more on less discretionary purchases, such as health care and home repairs.
Propublica national reporter Peter Elkind shares details on his investigation into how scammers stole over $1 billion using Walmart's gift cards and financial services, and how consumers can protect themselves.
Ed Siddell, CEO and Chief Investment Advisor at EGIS financial explains why election years tend to cause bull markets, the latest inflation data, and why he’s concerned about the ‘debt bubble.’
Archer Aviation founder and CEO Adam Goldstein shares big news about the aerospace company's new partnership with NASA and why they want to make your trip to the airport just five minutes long.
iFit CEO Kevin Duffy shares how the company is bringing artificial intelligence-powered workouts to consumers, plus other fitness trends to be on the lookout for in 2024.
Macy’s is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan. The firms offered $21 per share for the stock they don’t already own.
Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented.
