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Confidence takes smaller fall

By Furniture Today Staff -- Furniture Today, March 31, 2003

New York — The Conference Board's Consumer Confidence Index fell 2.3 points in March following a 14-point drop in February. The index now stands at 62.5 points, with the Expectations Index down 3.2 points to 62.5 and the Present Situation Index off 1.1 point to 62.4.

For the first time in six months, survey participants scaled back plans to buy a home. In March, 3.2% said they planned to purchase a home in the next six months, down from 3.8% in February.

Six-month plans to buy autos also were off from February results, but 28.2% of March respondents predicted a new major appliance for themselves in the next six months, up from February's 27.5%.

Also looking ahead six months, survey participants were somewhat more negative in their view of the economic situation. Slightly more than 80% thought business conditions in six months would be the same or better, down from February's 80.9%. Also, 86.8% thought their income would be the same or would increase, compared with 87.8% in February. Looking at employment, 73.9% predicted the same number or more jobs, compared with 71.5% in February.

Lynn Franco, director of the board's Consumer Research Center, said, "While a quick and successful outcome in the Middle East conflict would certainly ease some of the uncertainties facing consumers and therefore boost confidence, it is the economic fundamentals that will determine whether a rebound is sustainable."

The index is based on a representative sample of 5,000 U.S. households. The cutoff date for these preliminary results was March 18, prior to the start of the war with Iraq.

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