The latest University of Michigan Consumer Sentiment Index was released today. For the last two months consumer sentiment has rapidly declined, following six consecutive months of strong increases coinciding with dropping oil prices. The Index fell sharply from 95.4 to 91.2 during the last month. Despite the pullback, the index’s current level is still strong and likely means continued growth in consumer spending. Sentiment declined among middle and lower income survey respondents, while upper income respondents’ sentiment picked up. The sentiment of the lower income brackets was hurt by heating bills that increased with the bitter cold of February and March.
