Ekonomické zprávy

U.S. consumer sentiment worse than initially estimated in March

The final reading for the February Reuters/Michigan index of consumer sentiment came in at 62.0 compared to the flash reading of 63.4 and the February final reading of 67.0. That was the lowest reading in three months. 

Economists had anticipated the indicator to be revised slightly down to 63.2.

The details of the latest Surveys of Consumers of the University of Michigan showed that the index of current economic conditions dropped 6.2 percent m-o-m 66.3 this month, while the index of consumer expectations declined 8.5 percent m-o-m at 59.2.

The report also revealed that the estimates of year-ahead expected inflation decreased sharply from 4.1 percent in February to 3.6 percent in March versus the preliminary reading of 3.8 percent. That represented the lowest reading since April 2021 (3.4 percent). Meanwhile, the 5-year inflation expectations remained unchanged at 2.9 percent for the fourth straight month, compared to the preliminary estimate of 2.8%.

Commenting on the latest results, Joanne Hsu, Surveys of Consumers Director, noted that consumer sentiment declined in March for the first time in four months, with data revealing multiple signs that consumers increasingly expect a recession ahead. Meanwhile, she added, this month’s turmoil in the banking sector had a limited impact on consumer sentiment.

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