U.S. consumer sentiment slightly better than initially estimated in March

The final reading for the March Reuters/Michigan index of consumer sentiment came in at 84.9 compared to a preliminary reading of 83.6 and the February final reading of 76.8. This was the highest reading since March 2020.

Economists had forecast the index to be unrevised at 83.6.

According to the report, the index of consumer expectations surged 12.7 percent m-o-m to 79.7 from February’s final reading of 70.7, while the index of the current economic conditions jumped 7.9 percent m-o-m to 93.0 from February’s final reading of 86.2.

“Consumer sentiment continued to rise in late March, reaching its highest level in a year due to the third disbursement of relief checks and better than anticipated vaccination progress,” noted Richard Curtin, the Surveys of Consumers chief economist.