Consumer sentiment, as measured by the Reuters/University of Michigan survey was unchanged at 73.6 in March, versus February but did improve by 1.1 points from the mid-March, or the preliminary reading.
“Consumers reported gains in the overall economy and expected the economy to continue to improve during the year ahead.
Despite these expected gains in the economy, consumers’ evaluations of their own financial situation have remained grim due to the widespread expectation that improvement in their job and income prospects will be very small during the year ahead,” according to survey results reported on Friday.
Although we haven’t seen any improvement over the past three months, the overall, upward trend that began a year ago remains in play, as the weak economic recovery is slowly lifting confidence.
New jobs and greater job security would go a long way in improving consumer sentiment, which would likely translate into a rise in discretionary spending and a broader-based economic recovery.
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