CONCERNED CONSUMERS

Mid-March figures from the University of Michigan Survey of Consumer Sentiment were dismal. Overall consumer sentiment sank 11%, and after big declines in January and February, is at its lowest level since 2022. Except for 2022 and Covid, it’s at its worst level since 1980. Pessimism was broad-based and seen across all groups by age, education, income, wealth, political affiliation, and geography. Unemployment expectations are at their worst since 3/09!