US Michigan Consumer Sentiment Preview: Weaker consumer sentiment means lower spending

The University of Michigan will release its revised Survey of Consumers for March on Friday March 27th at 15:00 GMT. Joseph Trevisani, an analyst at FXStreet, explains the expected figures.

Key quotes

“The final Consumer Sentiment Index is expected to drop to 90 in March from the preliminary reading of 95.9 and 101 in February and 99.8 in January.”

“A serious decline in consumer sentiment is the new operating assumption, if not in March then surely in April.”

“In the current unique situation this may mean less than it would otherwise. Economic statistics are likely of less importance right now than the progress of governments in curbing the spread of the Coronavirus.”  

“It may or may not be warranted but it is a vote for the resiliency and optimism of the American consumer.”