The Conference Board’s overall Consumer Confidence Index has fallen 7.2 points year-over-year to 92.9, weighed down by a 12-year low of 65.2 for the board’s Expectations Index, which measures consumers’ short-term outlook for their income and the U.S. economy.

The Expectations Index decreased by 9.6 points year-over-year after falling below 80 points in February, a critical threshold known to presage recession conditions. The board’s Present Situation Index, which reflects consumer sentiment toward current market conditions, fell 3.6 points to 134.5.

Stephanie Guichard, The Conference Board’s senior economist for Global Indicators, notes labor outlook was the only metric to show improvement in its latest survey.

“Consumers’ expectations were especially gloomy, with pessimism about future business conditions deepening and confidence about future employment prospects falling to a 12-year low,” Guichard writes, in part, in a release. “Meanwhile, consumers’ optimism about future income — which had held up quite strongly in the past few months — largely vanished, suggesting worries about the economy and labor market have started to spread into consumers’ assessments of their personal situations.”

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