The Conference Board's consumer confidence survey slumped to the lowest level since June 2017 in March, as government efforts to mitigate the coronavirus pandemic shuttered many businesses and left millions of Americans unemployment.
The Conference Board’s index fell 12.6 points, the most since 2011, to 120 (still considerably better than the median estimate of 110).
Present situation confidence fell to 167.7 vs 169.3 last month
Consumer confidence expectations fell to 88.2 vs 108.1 last month
We suspect this has a long way to go..
Notably, the cutoff date for the results was March 19, before shit really started hitting the fan.
Finally, we note that just as in past cycles, the de-saving-induced euphoria in sentiment is reverting...