In March, consumer sentiment fell 11% to 57.9, marking the third consecutive month of decline and its lowest point since late 2022 amidst high inflation. The decline was most pronounced among Democrats, with a 24% drop, while Republicans saw a 10% reduction. Inflation expectations rose significantly, with respondents anticipating 4.9% inflation over the next year, pushing long-term inflation expectations to their highest increase since 1993. Uncertainty around economic policy compounded concerns about future personal and market conditions, as noted by survey director Joanne Hsu.
Lower sentiment was strikingly broad-based, seen across all groups by age, education, income, wealth, political affiliations, and geographic regions, survey director Joanne Hsu said.
While current economic conditions were little changed, expectations for the future deteriorated across multiple facets of the economy, including personal finances, labor markets, inflation, business conditions, and stock markets.
Collection
[
|
...
]