While Reuters and the University of Michigan initially reported a drop in U.S. consumer sentiment in the month of March, a revised reported released on Friday showed that consumer sentiment actually improved during the month.
The report showed that the consumer sentiment index for March was upwardly revised to a reading of 76.2 from the preliminary reading of 74.3. With the upward revision, the March reading is up from 75.3 in February and above economists' estimate of 75.0.
As a result of the upward revision, the consumer sentiment index is now at its highest level since February of 2011.
The upward revision to the headline index reflected higher than previously estimated readings for both the current economic conditions index and the consumer expectations index.
The current economic conditions index came in at 86.0, up from the preliminary reading of 84.2 and February's 83.0.
Meanwhile, the consumer expectations index for March was upwardly revised to 69.8 from 68.0 but still came in below the 70.3 seen in February.
Survey director Richard Curtin said, "Although consumers are not yet optimistic about future economic prospects, pessimism has recently faded at a rapid pace."
"Perhaps too rapidly, as expected job and income gains may be unrealistically high for the economy to meet," he added.
The report also showed that one-year inflation expectations for March were downwardly revised to 3.9 percent from 4.0 percent but remain well above February's 3.3 percent.
Five-year inflation expectations were unrevised at 3.0 percent in March compared to 2.9 percent in the previous month.
by RTT Staff Writer
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