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University of Michigan: U.S. consumer sentiment advances in nearly 8 years

By Sarah Abraham

U.S. consumer sentiment surged in March as government pandemic relief payments began filling bank accounts in nearly eight years. A survey said on Friday that the better-than-expected progress on vaccinations against COVID-19 strengthened their outlooks.

The University of Michigan’s Consumer Sentiment Index rose to a final reading of 84.9 this month from an initial level of 83 at mid-month and from February’s 76.8.

The 8.1 point rise was the largest since a similar rise in May 2013, and it brought the index to its highest level since last March when consumer sentiment began crumbling in the face of the pandemic’s onset.

Both the current situation and the future improved as the Consumers’ attitudes changed towards it, but confidence in the future outlook improved by the most in almost a dozen years.

In March, the survey expectations index rose to 79.7 from 70.7, where a 9-point rise is the largest since April 2009. Current condition views rose from 86.2 to 93. 

Tags: future outlook U.S. consumer University Of Michigan

Sarah Abraham

Sarah Abraham is a graduate in Journalism - Mass Media. A media enthusiast who has a stronghold on communication and content writing. She is committed to high-quality research and writing. Sarah is currently working as an aspiring journalist at USAnewshour.com and can be reached at sarahabrahamk1011@gmail.com.