Consumers are worried about a looming recession more than the turmoil in the banking sector.
Consumer sentiment unexpectedly worsened in March as worries over a looming recession took hold.
The midmonth preliminary reading came in at 63.4, so the final number indicates that sentiment continued to deteriorate as March progressed. Economists had expected the final March reading to more or less hold steady with the mid-month score.“This month’s turmoil in the banking sector had limited impact on consumer sentiment, which was already exhibiting downward momentum prior to the collapse of Silicon Valley Bank.
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