Consumer Sentiment Virtually Unchanged in Early March

Ann Arbor, MI, March 15, 2024-Consumer sentiment declined 0.5% to 76.5 in early March, according to preliminary results from the University of Michigan Survey of Consumers.

This represents a 23.4% increase year over year. 

“Consumer sentiment moved little this month with a 0.4 index point decrease that is well within the margin of error, and thus sentiment has been steady and essentially unchanged since January 2024,” says Survey of Consumer Director Joanne Hsu. “Sentiment remained almost 25% above November 2023 and is currently halfway between the historic low reached during the peak of inflation in June 2022 and pre-pandemic readings. Small improvements in personal finances were offset by modest declines in expectations for business conditions. After strong gains between November 2023 and January 2024, consumer views have stabilized into a holding pattern; consumers perceived few signals that the economy is currently improving or deteriorating. Indeed, many are withholding judgment about the trajectory of the economy, particularly in the long term, pending the results of this November’s election.”