Preliminary results for March 2024 show consumer sentiment declined with a 0.4 index point decrease to 76.5, 14.5 points higher than a year ago. The Current Economic Conditions Index remained unchanged from February at 79.4, 13.1 points higher than a year earlier. However, the Consumer Expectations Index decreased 0.6 index points from February, although still 15.4 points higher than March 2023 index.
“Consumer sentiment moved little this month with a 0.4 index point decrease that is well within the margin of error, and thus sentiment has been steady and essentially unchanged since January 2024. Sentiment remained almost 25% above November 2023 and is currently halfway between the historic low reached during the peak of inflation in June 2022 and pre-pandemic readings. Small improvements in personal finances were offset by modest declines in expectations for business conditions. After strong gains between November 2023 and January 2024, consumer views have stabilized into a holding pattern; consumers perceived few signals that the economy is currently improving or deteriorating. Indeed, many are withholding judgment about the trajectory of the economy, particularly in the long term, pending the results of this November’s election,” said University of Michigan Surveys of Consumers Director Joanne Hsu.
Read the University of Michigan Surveys of Consumers release.
