The preliminary readings on the University of Michigan consumer sentiment survey for March:
- Final Feb reading was 77.6
- Current conditions 87.5 vs 89.0 in Feb
- Expectations 61.7 vs 70.2 in Feb
These are shockingly low numbers, especially expectations which are at the lowest since Nov 2011. In the past few years this survey has done a poor job capturing spending intentions of US consumers, so take heart in that. Still, such low numbers have to make you cautious about the recovery.
