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Consumer sentiment in the U.S. fell by more than previously estimated in the month of March, according to revised data released by the University of Michigan on Friday.
The University of Michigan said its consumer sentiment index for March was downwardly revised to 57.0 from a preliminary reading of 57.9. Economists had expected the index to be unrevised.
The consumer sentiment index is down sharply from a reading of 64.7 in February, plunging to its lowest level since hitting 56.7 in November 2022.
The steep drop by the headline index largely reflected a substantial deterioration in consumer expectations, as the index of consumer expectations plummeted to 52.6 in March from 64.0 in February and hit its lowest level since July 2022.
The report showed a more modest decrease by the current economic conditions index, which fell to 63.8 in March from 65.7 in February.
"Consumers continue to worry about the potential for pain amid ongoing economic policy developments," said Surveys of Consumers Director Joanne Hsu. "Notably, two-thirds of consumers expect unemployment to rise in the year ahead, the highest reading since 2009."
She added, "This trend reveals a key vulnerability for consumers, given that strong labor markets and incomes have been the primary source of strength supporting consumer spending in recent years."
On the inflation front, the University of Michigan said year-ahead inflation expectations jumped to 5.0 percent in March from 4.3 percent in February, reaching the highest reading since November 2022.
Long-run inflation expectations also surged to 4.1 percent in March from 3.5 percent in February, the report said.
A separate report released by the Conference Board on Tuesday showed its reading on consumer confidence decreased by more than expected in the month of March.
The Conference Board said its consumer confidence index tumbled to 92.9 in March from an upwardly revised 100.1 in February.
Economists had expected the consumer confidence index to slump to 94.2 from the 98.3 originally reported for the previous month.
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