'Intensification of COVID-19 and extreme volatility in the financial markets,' are to blame U.S. consumer confidence dropped to a near three-year low in March as households worried about the economys near-term outlook amid the COVID-19 pandemic. The survey from the Conference Board on Tuesday came in the wake of reports last week showing the number of Americans filing for unemployment benefits surging to a record 3.28 million in the week ending March 21, and business activity hitting an all-time low in March. The country has ground to a sudden stop as authorities enforce strict measures to control the spread of COVID-19, a respiratory illness caused by the Chinese Communist Party (CCP) virus. The Consumer Confidence Index fell sharply in March to 120, down from 132.6 in February. “The intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs,” said Lynn Franco, Senior Director of Econ..