U.S. consumer confidence tumbled for a fourth consecutive month in March, falling by 7.2 points to 92.9, according to data released by business research group the Conference Board on Tuesday.
The Expectations Index, which is based on consumers' short-term outlook for income, business, and labor market conditions, dropped 9.6 points to 65.2, the lowest level in 12 years. The business research group said it is well below the threshold of 80, which usually signals a recession ahead.
According to the research group, consumers have turned negative about the stock market for the first time since the end of 2023, likely in response to recent market volatility.
In March, only 37.4 percent of consumers expected stock prices to rise over the year ahead, down nearly 10 percentage points from February and 20 percentage points from the high reached in November 2024, it said.
U.S. stocks managed to eke out gains on Tuesday, thanks to a late-session surge, but the upward momentum that lasted in recent days showed a noticeable slowdown.
The Dow Jones Industrial Average inched up 4.18 points or 0.01 percent to 42,587.5, while the S and P 500 rose 9.08 points or 0.16 percent to 5,776.65. The Nasdaq Composite gained 83.26 points or 0.46 percent to 18,271.85.
U.S. consumer confidence falls for 4th consecutive month
U.S. consumer confidence falls for 4th consecutive month
Rescue efforts in Nay Pyi Taw, Myanmar's capital, progressed slowly without professional rescue teams following a deadly earthquake on Friday, with daily life heavily disrupted and nearly all shops and restaurants in the city center closed, according to a Chinese national who survived the disaster.
In an interview with China Global Television Network (CGTN), Li Bobo, chairman of the Myanmar-China Exchange and Cooperation Association, recalled being in a government building in Nay Pyi Taw for a meeting when the earthquake struck, saying the powerful tremor made it impossible for anyone to remain standing.
"I was attending a meeting inside a government building in Nay Pyi Taw when the earthquake hit. It started with vertical shaking, followed by horizontal movement. People couldn't stay on their feet, and it lasted for about two minutes. The roof collapsed, and all the attendees dropped to the floor, unable to stand," he said.
Li said rescue efforts were progressing slowly in the capital.
"I'm now in Zawtika Market, in the city center of Nay Pyi Taw, the busiest area of the capital. I am just passing by and see a corner of a building that has collapsed. It happened about two hours ago, and so far, the pace of rescue efforts is very slow. There are no professional rescue teams, just a few cranes. Nearly all businesses in the city center, including stores and restaurants, are closed. I went out at noon to get something to eat but couldn't find any open shops. Everyone is busy with their own rescue efforts, and almost every household has suffered some kind of loss," he said.
A total of 1,644 people died, 3,408 were injured, and 139 remained missing in the powerful earthquake in Myanmar, according to the Information Team of the State Administration Council on Saturday night.
The 7.7-magnitude earthquake hit the southeast Asian country on Friday, with Mandalay, Bago, Magway, the northeastern Shan state, Sagaing, and Nay Pyi Taw among the hardest-hit regions.
Rescue work progresses slowly in Myanmar capital after earthquake: survivor
