U.S. consumer confidence tumbled in March as the impact of the coronavirus began to be felt.
The dining section is closed off at East Side Pockets, a small restaurant near Brown University, Wednesday, March 25, 2020, in Providence, R.I. President Donald Trump wants the country open for business by mid-April, but some experts warn it's not as easy as flipping a switch: Economies run on confidence, and that is likely to be in short supply for as long as coronavirus cases in the United States are still rising.
WASHINGTON — U.S. consumer confidence tumbled this month to its lowest level in nearly three years as the impact of the coronavirus on the economy began to be felt. The steep decline in March reflected rising worries about the coronavirus during the survey period of March 1-18. Economists say confidence is sure to fall further as the virus’ impact takes a bigger toll on the economy.
“The intensification of Covid-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs,” said Lynn Franco, senior director of economist indicators at the Conference Board.
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