Consumer confidence in the US dropped to its lowest level in more than ten years in March.
- The consumer sentiment index fell to 59.7 in March from 62.8 in February. Economists were expecting the index to fall slightly to 61.4.
- With a bigger than anticipated plunge, the consumer sentiment index fell to its lowest level since reaching 59.5 in September 2011.
- Richard Curtin, the chief economist at Surveys of Consumers, stated that consumer sentiment continued to decrease due to falling inflation-adjusted incomes, worsened by rising fuel prices due to Russia’s invasion of Ukraine.
- Curtin further stated that the year-ahead expected inflation rate surged to its highest level since 1981, and gas prices reported their largest monthly upward surge in decades.
The index of current conditions dropped slightly to 67.8 in March from 68.2 in February. The index of consumer expectations fell to 54.4 from 59.4.
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Source: University of Michigan