The final
reading for the March Reuters/Michigan index of consumer sentiment came in at 77.2
compared to the flash reading of 77.9 and the March final reading of 79.4.
Economists
had expected the indicator to be revised slightly down to 77.8.
The details of
the latest Surveys of Consumers of the University of Michigan revealed that the
index of current economic conditions fell by 4.2 per cent m-o-m to 79.0 this
month, while the index of consumer expectations dropped by 1.8 per cent m-o-m
to 76.0.
The report also
revealed that the year-ahead inflation expectations increased from 2.9 per cent in March to 3.2 per cent in April,
compared
to the preliminary reading of 3.1 per cent. This was the highest reading since November
2023 (4.5 per cent). Meanwhile, the 5-year inflation expectations rose from 2.8 per
cent in February to 3.0 per cent, matching
the preliminary estimates. This marked
the highest reading since November 2023 (3.2 per cent).
Commenting on
the latest results, Joanne Hsu, Surveys of Consumers Director, noted that consumers continue to express
uncertainty about the future trajectory of the economy pending the outcomes of
the upcoming election but there is no evidence that global
geopolitical factors are on the forefront of consumers' minds.