March consumer-confidence gauge declines to 70.2 (by Ruth Mantell)

WASHINGTON (MarketWatch) -- A gauge of U.S. consumer confidence declined in March due to lower employment expectations, while views on the present situation rose to the highest level since 2008, the Conference Board reported Tuesday. The consumer-confidence gauge fell to 70.2 in March from a February reading of 71.6. A prior estimate had pegged February's confidence level at 70.8. "The moderate decline was due solely to a less favorable short-term outlook," and data suggest "consumers feel the economy is not losing momentum," said Lynn Franco, director of the Conference Board's consumer research center. Generally when the economy is growing at a good clip, confidence readings are at least 90. Economists polled by MarketWatch had expected a reading of 71.5 for March.