India, March 14 -- Largely reflecting a substantial deterioration in consumer expectations, the University of Michigan released a report on Friday showing a much steeper than expected drop by its reading on U.S. consumer sentiment in the month of March.
The University of Michigan said its consumer sentiment index plunged to 57.9 in March after tumbling to 64.7 in February. Economists had expected the index to dip to 63.1.
The consumer sentiment index decreased for the third consecutive month, slumping to its lowest level since hitting 56.7 in November 2022.
"While current economic conditions were little changed, expectations for the future deteriorated across multiple facets of the economy, including personal finances, labor markets, inf...