Consumers worried about inflation impact on real income. Strong employment views believed will support continued consumer spending.
Consumer sentiment declined in March due to falling inflation-adjusted incomes, which was recently accelerated by rising fuel prices, according to the University of Michigan Surveys of Consumers.
The Consumer Sentiment Index fell to 59.4 in the March 2022 survey, down from 62.8 in February and 84.9 last March—a 30% decline from last year. The Expectations Index fell to 54.3 in March, down from 59.4 in February and 31.9% from last year. The Current Conditions Index fell to 67.2 in March, down from 68.2