US consumer confidence retreated sharply in March, confounding expectations that the rebound in the prior month would continue, according to a private survey released Tuesday.

That decline, which included a more pessimistic view of current business and employment conditions, was accompanied by a slightly less positive outlook for the economy, according to The Conference Board survey.

The consumer confidence index fell seven points to 124.1, erasing much of the 10-point gain in February and defying economists’ forecasts for a slight uptick.

“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,” said Lynn Franco of The Conference Board.