US consumer confidence holds steady even as high prices weigh on household budgets

U.S. consumer confidence held steady this month even as Americans wrestle with higher prices and feel less optimistic about the short-term future.

The Conference Board, a business research group, said Tuesday that its consumer confidence index ticked down to 104.7 in March from a revised 104.8 in February.

The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

The index measuring Americans short-term expectations for income, business and the job market fell further, to 73.8 from 76.3 last month. A reading under 80 can signal a potential recession.

Consumers’ view of current conditions, however, improved to 151.0 from from 147.6.

Consumer spending accounts for about 70% of U.S. economic activity, so economists pay close attention to consumer behavior as they take measure of the broader economy.