US consumer confidence revised lower as economic outlook deteriorates

(Sharecast News) - US consumer sentiment was revised lower for March, according to an updated survey from the University of Michigan on Friday, with confidence falling for the third straight month. The university's headline Index of Consumer Sentiment came in at 57.0 this month, down from an earlier estimate of 57.9.

This was 11.9% down from 64.7 in February and the lowest level since November 2022, with the expectations sub-index falling 17.8% over the month to 52.6. The current economic conditions indicator also eased 2.9% to 63.8.

"This month's decline reflects a clear consensus across all demographic and political affiliations; Republicans joined independents and Democrats in expressing worsening expectations since February for their personal finances, business conditions, unemployment, and inflation," said Joanne Hsu, director of the university's surveys of consumers.

"Consumers continue to worry about the potential for pain amid ongoing economic policy developments."

Hsu said that two-thirds of consumers now expect unemployment to rise over the coming year, the highest proportion since 2009, while year-ahead inflation expectations rose to 5.0% from 4.3% a month earlier.