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US consumer sentiment posts 1st decline in 4 months

US consumer sentiment in March declined for the first time in four months, according to a survey released on Friday.

The index of consumer sentiment dropped a massive five points to 62.0 in March, from 67.0 in February, according to the University of Michigan’s consumer survey final results.

“This month’s turmoil in the banking sector had limited impact on consumer sentiment, which was already exhibiting downward momentum prior to the collapse of Silicon Valley Bank,” Surveys of Consumers Director Joanne Hsu said in a statement.

“Overall, our data revealed multiple signs that consumers increasingly expect a recession ahead,” she added.

The index of current economic conditions decreased 4.4 points to 66.3 in March, from 70.7 in February, according to the final readings.

The index of consumer expectations plummeted 5.5 points to 59.2 from 64.7 during that period.

“Year-ahead inflation expectations receded from 4.1% in February to 3.6%, the lowest reading since April 2021,” said Hsu.

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