(University of Michigan) The US consumer sentiment held at low levels in late March, with the index at 59.4, below 62.8 in February. The sentiment is now 30.0% below the previous year.
Consumers cited the rising inflation for the low confidence, with the expected year-ahead inflation expected at 5.4%. Less positive expectations regarding incomes and financial positions also contributed.
Consumers accessed their current economic conditions less favorably, as the gauge fell by 1.5% to 67.2 in March. The index is now 27.7% below the previous year.
The consumers remained less upbeat about the future, with the index of expectations plunging the highest by 8.6% in March to 54.3. The index is now 31.9% below last year.
Surveys of Consumers chief economist, Richard Curtin, says that a robust job market will continue adding pressure on wages, leading to an uptick in job prospects and income. He expects the pressure to add another spiral of wage and price increases.
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