WASHINGTON: US consumer sentiment dropped to near a 3.5-year low in March as the coronavirus epidemic upended life for Americans, and consumer spending was sluggish in February, strengthening economists' expectations of a deep recession.
Economists polled by Reuters had forecast sentiment would drop to a final reading of 90.0 this month.A measure of consumers' perceptions of current economic conditions dropped to 103.7 this month from a reading of 114.8 in February. The survey's gauge of consumer expectations tumbled to reading of 79.7 from 92.1 in February.
Restaurants and bars have been shuttered, and airline travel severely curtailed, which economists say will greatly offset any boost to consumer spending from grocery purchases following a wave of panic buying as Americans prepared to hunker down. Consumer spending grew at an annualised rate of 1.8 per cent in the fourth quarter, slowing from the brisk 3.2 per cent pace logged in the July-September period.
The NBER does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries.
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