Shopper sentiment took a tumble in March—even earlier than the failure of Silicon Valley Financial institution, knowledge from the College of Michigan’s survey of U.S. households confirmed Friday.
The College of Michigan’s index of client sentiment fell to 63.4 in March, the primary decline in 4 month. This was 5.4 % beneath the February studying.
The metrics monitoring present situations and the outlook for the longer term each declined. The present situations index fell 6.1 % to 66.4. The expectations index dropped 4.9 % to 61.5.
“Consumer sentiment fell for the first time in four months, sitting about 5 percent below February but remaining 7 percent above a year ago. This month’s decrease was already fully realized prior to the failure of Silicon Valley Bank, at which time about 85% of our interviews for this preliminary release had been completed,” stated Joanne Hsu, the director of the College of Michigan’s survey of shoppers. “Overall, all components of the index worsened relatively evenly, primarily on the basis of persistently high prices, creating downward momentum for sentiment leading into the financial turmoil that began last week.”
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