Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment was revised up from 74.3 to 76.2 in March, which is now a slight increase from February’s index level of 75.3. Sentiment is now at its highest level since February 2011 and slightly higher than its level at the start of last recession (75.5 in December 2007). Both the consumer expectations and current conditions components were revised up in March (from 68.0 to 69.8 for expectations and 84.2 to 86.0 for current conditions). Median short-run (one-year ahead) inflation expectations were adjusted down 0.1 percentage point to 3.9 percent in March, but are still 0.6 percentage points above its level in February. Importantly, longer-term (five-to-ten years ahead) expectations remained at 3.0 percent in March, compared to 2.9 percent in February, which suggests that respondents aren’t expecting a gas price spike in March to feed into an increase in longer-run price pressure.