A report from the University of Michigan showed on Friday that the
preliminary reading for the Reuters/Michigan index of consumer sentiment fell 5.4
percent m-o-m to 63.4 in early March. That was the lowest reading in
Economists had forecast the indicator would come in at 67.0 this month,
unchanged from the February final reading of 67.0.
According to the report, the index of current economic conditions plunged
6.1 percent m-o-m to 66.4 in March, while the index of consumer expectations declined
4.9 percent m-o-m to 61.5.
The report also showed that the estimates of year-ahead expected
inflation decreased from 4.1 percent in February to 3.8 percent early this month,
the lowest level since April 2021 (3.4 percent). Meanwhile, the 5-year expected
from 2.9 percent to 2.8 percent, the lowest level since September 2022 (2.7