U.S. Consumer Sentiment Drops Less Than Previously Estimated In March
While the University of Michigan released a report on Friday showing an upward revision to its U.S. consumer sentiment index for March, the revised reading still indicated a deterioration compared to the previous month.
The report said the final reading on the consumer sentiment index for March came in at 91.0 compared to the preliminary reading of 90.0.
The upwardly revised reading came roughly in line with economist estimates but was still down from the final February reading of 91.7.
Richard Curtin, the survey's chief economist, said, "Despite the recent small monthly variations, the overall level of confidence has remained largely unchanged during the past nine months."
"This stability reflected more positive personal finances being offset by less favorable prospects for the economy," he added.
The report said the current economic conditions index dipped to 105.6 in March from 106.8 in February, while the index consumer expectations edged down to 81.5 from 81.9.
With regard to inflation, one-year and five-year inflation expectations both climbed to 2.7 percent in March from 2.5 percent in February.
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