The recent run of optimistic headlines enjoyed by financial markets was interrupted, at least for a day, by two economic reports released Mar. 25. The releases featured a plunge in a closely watched gauge of the mood of the U.S. consumer in March-to a five-year low-and another slide in a key home-price index for January. Here’s Action Economics’ rundown of the Mar. 25 reports: Consumer Confidence The Conference Board’s U.S. consumer confidence index plunged to 64.5 in March, from 76.4 in February (revised from 75), a five-year low. The index is down from 87.3 in January and well below the 90.6 in December. The March plunge in the headline figure brings the index to its lowest level since March, 2003, though above the 47.3 low point in the prior cycle in February, 1992, and 50.1 prior-cycle low for the series in May, 1980. And, with a dramatic swing that was characteristic of the current mix of figures weaker for confidence than sales, the ‘expectations’ index plummeted to 47.9. This is a hefty 41 points below the 89.2 present situations measure, and is the weakest figure for this index since December, 1973, when the public was […]