US consumer sentiment, inflation expectations stable in March

[March 16, 2024]  WASHINGTON (Reuters) - U.S. consumer sentiment and inflation expectations were little changed in March, a survey showed on Friday.  

The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 76.5 this month, compared to a final reading of 76.9 in February. Economists polled by Reuters had forecast a preliminary reading of 76.9.

A man shops for produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File Photo

"Consumers perceived few signals that the economy is currently improving or deteriorating," said Surveys of Consumers Director Joanne Hsu in a statement. "Indeed, many are withholding judgment about the trajectory of the economy, particularly in the long term, pending the results of this November's election."

The survey's reading of one-year inflation expectations were unchanged at 3.0% in March. The survey's five-year inflation outlook held steady at 2.9% for the fourth straight month.

(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)

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