US: Consumer confidence levels plummeted – BMO

The impact of the coronavirus started to hit the US in March. As the days went by, we all know what has happened. And that hasn't been lost on the American consumer, as confidence levels plummeted, Jennifer Lee from BMO Capital Markets Economics briefs.

Key quotes

“The U.S. Conference Board's consumer confidence survey lost 12.6 pts in March to a near 3-year low of 120.0, the largest monthly plunge since August 2011.”

“This reading wasn't as bad as expected. Interestingly, consumers were quite calm about their current status, as the 'present situation' only slipped 1.6 pts to a 4-month low of 167.7 but there are very deep concerns about what will unfold in the next six months or so.”

“The 'expectations' component took a 19.9 pt nosedive. So many obvious reasons why, but I'll point to the job situation.”