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Friday, March 13, 2020

Preliminary March Consumer Sentiment Declines to 95.9 from 101.0

by Calculated Risk on 3/13/2020 10:06:00 AM

From the University of Michigan, Surveys of Consumers chief economist, Richard Curtin:

Consumer sentiment fell in early March due to the spreading coronavirus and the steep declines in stock prices. … The component of the Sentiment Index that posted the greatest loss involved judgements about prospects for the economy during the year ahead; this component fell by 29 points, accounting for 83% of the total point decline in early March. … While the most effective containment efforts are widespread closures and self-isolation, those same actions have the largest negative impact on the economy and significantly increase the probability that the pandemic will be followed by a recession that lasts longer than the virus.
Not a huge decline - yet.