U.S. Consumer Sentiment Drops More Than Expected In March
March 11 2022 - 5:08AM
RTTF2
Consumer sentiment in the U.S. fell to its lowest level in over
ten years in the month of March, according to a report released by
the University of Michigan on Friday.
The report showed the consumer sentiment index slid to 59.7 in
March from 62.8 in February. Economists had expected the index to
dip to 61.4.
With the bigger than expected decrease, the consumer sentiment
index dropped to its lowest level since hitting 59.5 in September
2011.
"Consumer Sentiment continued to decline due to falling
inflation-adjusted incomes, recently accelerated by rising fuel
prices as a result of the Russian invasion of Ukraine," said
Surveys of Consumers chief economist, Richard Curtin.
He added, "The year-ahead expected inflation rate rose to its
highest level since 1981, and expected gas prices posted their
largest monthly upward surge in decades."
One-year inflation expectations jumped to 5.4 percent in March
from 4.9 percent in February, while five-year inflation
expectations held at 3.0 percent.
While the report showed index of current economic conditions
edged down to 67.8 in March from 68.2 in February, the index of
consumer expectations slumped to 54.4 from 59.4.
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