In the United States, a deterioration in consumer sentiment was recorded in March, which turned out to be more widespread than preliminary expectations, as the country is currently experiencing a process of increasing concerns about a potential accelerated increase in inflation.
The mentioned situation is evidenced by a University of Michigan survey released on Friday, March 28.
The final version of the specified university’s closely watched Survey of Consumers showed the March indicator at 57. It is worth noting that this reading is 11.9% less than the February figure. Also, the indicator recorded in March showed a drop of 28.2% year-on-year.
Economists surveyed by Dow Jones predicted that the index of consumer sentiment in the United States in the current month will be fixed at the 57.9 mark.
Survey director Joanne Hsu stated that in this case, the third consecutive decline was recorded, which stretched across party lines and income groups. It was also noted separately that consumers continue to worry about the potential for pain against the background of ongoing economic policy developments.
The survey’s index of consumer expectations dropped to 52.6. This indicator decreased by 17.8% on a monthly basis. The mentioned reading also dropped by 32% compared to the index seen a year ago.
US consumers are currently most concerned about inflation. Respondents expect that in a year the corresponding figure will be fixed at the 5% mark. On a five-year horizon, the expectations envisage a 4.1% figure.
As we have reported earlier, Fed Holds Interest Rates Steady.
