ARLINGTON, Va.—The University of Michigan Survey of Consumers is showing the biggest one-month drop in the consumer sentiment index in history, falling from 89 to 71.
The study was conducted from March 25-April 7.
This represents a month-over-month change (20.3%) and takes the consumer sentiment index down to levels last seen in 2011, NAFCU reported in its analysis.
“Consumers need to be prepared for a longer and deeper recession rather than the now discredited message that pent-up demand will spark a quick, robust, and sustained economic recovery,” concluded Surveys of Consumers chief economist Richard Curtin.