Consumer sentiment in the U.S. fell for the third consecutive month in March, now down 22% from December 2024 before President Donald Trump took office, a new survey found.
The University of Michigan survey showed consumer sentiment fell to 57.9 this month, a 29-month low. The index showed participants' expectations for the future of their personal finances and the stock market had deteriorated. It also showed that Americans are expecting inflation to get worse, not better, during a time when many are worried tariffs will raise prices at the checkout aisle.
"Many consumers cited the high level of uncertainty around policy and other economic factors; frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one’s policy preferences," survey director Joanne Hsu said in a statement.
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The survey asked questions of Republicans, Democrats, and Independents. Across the board, all were in agreement that the country's economic outlook has weakened in the last month. From February to March, Democrats' expectations fell 24%, Independents' expectations declined 12%, and Republican expectations waned 10%.
Reach Rachel Barber at rbarber@usatoday.com and follow her on X @rachelbarber_
This article originally appeared on USA TODAY: Tariffs, recession fears: Americans lose confidence in the economy