Consumer sentiment took another hit in March as worries intensified over inflation and a slumping stock market, according to the University of Michigan’s latest sentiment survey released Friday.
The survey posted a mid-month reading of 57.9, which represents a 10.5% decline from February and was below the Dow Jones consensus estimate for 63.2. The reading was 27.1% below a year ago.
While the current conditions index fell a less severe 3.3%, the expectations measure for the future was off 15.3% on a monthly basis and 30% from the same period in 2024.
In addition, fears grew over where inflation is headed as President Donald Trump institutes tariffs against U.S. trading partners.
The one-year outlook spiked to 4.9%, up 0.6 percentage point from February and the highest reading since November 2022. At the five-year horizon, the outlook jumped to 3.9%, up 0.4 percentage point for the highest level since February 1993.
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