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Consumer Sentiment in U.S. Slumps by Most Since October 2008

Chairs and tables sit empty in front of a Macy's Inc. store in the Midtown neighborhood of New York, U.S.

Chairs and tables sit empty in front of a Macy's Inc. store in the Midtown neighborhood of New York, U.S.

Photographer: Gabby Jones/Bloomberg
Updated on

U.S. consumer sentiment plummeted in March by the most since October 2008 as mounting Covid-19 cases nationwide and business closures elevated concerns about the economy.

The University of Michigan’s final sentiment index for the month slumped 11.9 points to a three-year low of 89.1, data Friday showed. The median forecast in a Bloomberg survey of economists called for a decline to 90 after a preliminary March reading of 95.9.