Consumer sentiment rose in March to the highest level in more than two years and expectations for inflation fell, a good sign for the economy and for President Joe Biden.
The University of Michigan Consumer Sentiment Index soared to 79.4 in March, up from a preliminary reading of 76.5. That is a 28.1% change from this time last year. Sentiment is now at the highest level since July 2021, before the United States began grappling with its explosive bout of inflation.
Year-ahead consumer sentiment expectations also improved. The index for consumer expectations rose to 77.4 in March from 75.2 in February. Short-run inflation expectations have fallen within the 2.3-3.0% range last seen in 2018 and 2019.
The latest reading should come as a relief to Biden, who has been struggling to convince voters that his stewardship of the Read more…
