Consumer attitudes soured in March alongside slumping markets and growing concern about a possible recession, University of Michigan survey data on Friday showed. Sentiment worsened more than economists expected.
The figure marked the third consecutive month of dampening consumer attitudes, data showed.
Expectations about future economic conditions worsened in a slew of key areas, including personal finances, labor markets, inflation and stock markets, the survey said.
Consumer sentiment soured among both Democrats and Republicans, though it dropped more among Democrats, data showed.
On Thursday, the S&P 500 closed down more than 10% since a peak attained last month, meaning the decline officially qualified as a market correction. It marked the index’s first correction since October 2023.
The major stock indexes recovered some losses in early trading on Friday.
This is a developing story. Please check back for updates.
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