American consumers' confidence has slipped after reaching an 18-year high last month.

The Conference Board says its consumer confidence index fell to 127.7 in March. That was down from 130 in February, which was the highest level since November 2000.

Consumers were less optimistic in March as their assessment of business conditions declined. Their short-term expectations — including their outlook for the stock market — also declined, although overall expectations remain favorable.

The business research group's index measures consumers' assessment of current conditions and their outlook for the next six months. They feel better about today's economy than they have since March 2001. Their outlook also improved.