The Conference Board announced on Tuesday its U.S. consumer confidence gauge fell 7.3 points to 124.1 in March from 131.4 in February. 

Economists had expected consumer confidence to come in at 132. 

February’s consumer confidence reading was unrevised at 124.1. 

The survey showed that the expectations index decreased from 103.8 last month to 99.8 this month, while the present situation index declined, from 172.8 to 160.6.

Lynn Franco, Director of Economic Indicators at The Conference Board, noted, “Consumer Confidence decreased in March after rebounding in February, with the Present Situation the main driver of this month’s decline. Confidence has been somewhat volatile over the past few months, as consumers have had to weather volatility in the financial markets, a partial government shutdown and a very weak February jobs report. Despite these dynamics, consumers remain confident that the economy will continue expanding in the near term. However, the overall trend in confidence has been softening since last summer, pointing to a moderation in economic growth.”