US Consumer Sentiment Hits Highest Since July 2021

US consumer sentiment in March climbed to its highest level since July 2021, according to final results from the University of Michigan's consumer survey released Thursday.

The index of consumer sentiment rose 2.5 points to 79.4 in March, from 76.9 in February.

The preliminary March reading that was made two weeks ago was 76.5.

"Consumers exhibited confidence that inflation will continue to soften," Surveys of Consumers Director Joanne Hsu said in a statement.

"Assessments and expectations of personal finances improved modestly from last month, as the perceived negative effects of high prices and expenses on living standards eased," she added.

Year-ahead inflation expectations in the US declined to 2.9% in March, from 3% in February.

The 2.9% figure was recorded in January as well, which was the lowest reading since December 2020. -