Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment took a large hit in early March as gas prices eroded consumer confidence. The index fell 9.3 index points (or 12 percent) to a level of 68.2, its lowest level since October 2010. The decrease came as the expectations component fell from 71.6 to 58.3 (19 percent), its first foray below 60.0 since March 2009. The release noted that the decrease in expectations was largest at the lower end of the income distribution. The current conditions component edged down modestly relative to expectations, slipping down from 86.9 in February to 83.6 in the preliminary estimate for March. Median one-year-ahead rose from 3.4 percent to 4.6 percent in March, still the recent peak of 5.2 percent set during the mid-2008 oil price shock. Longer-term expectations edged up from 2.9 percent to 3.2 percent, though remained 0.2 percentage point below mid-to-late 2008 levels.