Notizie economiche
28.03.2024

U.S. consumer confidence stronger than initially thought in March

 The final reading for the March Reuters/Michigan index of consumer sentiment came in at 79.4 compared to the flash reading of 76.5 and the February final reading of 76.9. This was the highest reading since July 2021 (81.2).

Economists had predicted the indicator to be unrevised at 76.5.       

The details of the latest Surveys of Consumers of the University of Michigan revealed that the index of current economic conditions jumped 3.9 per cent m-o-m to 82.5 this month while the index of consumer expectations climbed by 2.9 per cent m-o-m to 77.4.

The report also revealed that the year-ahead inflation expectations decreased from 3.0 per cent in February to 2.9 per cent in March, compared to the preliminary reading of 3.0 per cent. Meanwhile, the 5-year inflation expectations declined from 2.9 per cent in February to 2.8 per cent, compared to the preliminary estimates of 2.9 per cent. This marked the lowest reading since September 2023 (2.8 per cent).

Commenting on the latest results, Joanne Hsu, Surveys of Consumers Director, noted that despite the March increase sentiment was essentially unchanged throughout the first quarter of 2024, remaining just shy of the midpoint between the pre-pandemic level of sentiment and the historic trough from June 2022. “This stability reflects a perception among consumers that the economy has been holding steady in its current state,” she added. “As the election season progresses and debates over economic policy become more salient for consumers, their outlook for the economy could become more volatile in the months ahead.”

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