The final reading for the February Reuters/Michigan index of consumer sentiment came in at 89.1 compared to a preliminary reading of 95.9 and the February final reading of 101.0. That was the lowest reading since October 2016.

Economists had forecast the index to be revised down to 90.0.

According to the report, the index of the current economic conditions dropped 9.7 percent m-o-m to 103.7 from February's final reading of 114.8.

Meanwhile, the index of consumer expectations plunged 13.5 percent m-o-m to 79.7 from February's final reading of 92.1.

Richard Curtin, the Surveys of Consumers chief economist, noted that an 11.9-point drop in consumer sentiment in March was the fourth largest one-month decline in nearly a half-entury, which was due to the spreading coronavirus. "Stabilizing confidence at its month's end level will be difficult given surging unemployment and falling household incomes", he added. "The extent of additional declines in April will depend on the success in curtailing the spread of the virus and how quickly households receive funds to relieve their financial hardships."