Consumer Sentiment: PRELIMINARY Results for SEPTEMBER 2026

The University of Michigan's Index of Consumer Sentiment (ICS) - PRELIMINARY Results for September, 2026 was released today:

Predicted: 48.0

• Actual: 47.8

=========

• Change from Previous Month: -7.54% (-3.9 points)
  
  

• Change from 12-Months Previous: -13.25% (-7.3 points)

=========

• Final ICS Reading for August, 2026: 51.7
  
  
• Final ICS Reading for September, 2025: 55.1

=========

From Today's Report:

"...Consumer sentiment receded less than 4 index points for the second consecutive month of decreases. Democrats and Republicans alike posted sizable declines, while independents were little changed from August.

Year-ahead expectations for both personal finances and business conditions plunged. With a resurgence in fuel prices and trade tensions, consumers anticipate greater pressures on their pocketbooks to come.

Five-year expected business conditions remained stable at readings well below their historical average, suggesting that consumers believe that emerging risks this month may not have further worsened the long-run outlook.

Overall, sentiment is now 16% below February, prior to the start of the Iran [invasion], and 13% lower than a year ago.

Year-ahead inflation expectations jumped from 4.0% last month to 4.6% this month, the highest reading since June.

The current reading substantially exceeds the 3.4% seen in February before the Iran [invasion] began, along with all 2024 readings.

Long-run inflation expectations ticked up to 3.4%, ending three consecutive months at 3.3%. These expectations remain higher than their 2024 range of 2.8% to 3.2%..."

=========

CHART: Gasoline and Tariff Concerns 
Both Drive Recent Changes
 in Inflation Expectations
 =========

The ICS is derived from the following five survey questions:

1. "We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?"
   
   
2. "Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?"
   
   
3. "Now turning to business conditions in the country as a whole, do you think that during the next twelve months we'll have good times financially, or bad times, or what?"
   
   
4. "Looking ahead, which would you say is more likely: that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?"
   
   
5. "About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?"
   

=========

• Click here for more on how the ICS is calculated.

=========

The ICS uses a 1966 baseline, i.e. for 1966, the ICS = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as those polled back in 1966.

The ICS is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer valuable insight into consumer spending.

=========

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=========

• Click here to view the full University of Michigan report.

=========

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Consumer Sentiment: FINAL Results for AUGUST 2026

The University of Michigan's Index of Consumer Sentiment (ICS) - FINAL Results for August, 2026 was released today:

Predicted: 51.0

• Actual: 51.7

=========

• Change from Previous Month: -6.34% (-3.5 points)
  
  

• Change from 12-Months Previous: -11.17% (-6.5 points)

=========

• Final ICS Reading for July, 2026: 55.2
  
  
• Final ICS Reading for August, 2025: 58.2

=========

From Today's Report:

"...Consumer sentiment confirmed its early month reading, falling about 6% from last month and landing about 11% below a year ago amid continued worries that inflation will remain elevated for the foreseeable future. Sentiment declines in August were seen for all political groups and were particularly acute among Republicans.

Moreover, groups who are typically less-equipped to absorb increases in cost of living also exhibited stronger decreases in sentiment, including older consumers, lower- and middle-income consumers, and those with no stock holdings.

With ongoing policy uncertainty, including the Iran invasion, consumers anticipate further increases in gasoline prices both in the short and long run. In addition to the pocketbook issues that have been central to consumers’ views of the economy, they are increasingly worried that prospects elsewhere in the economy could be weakening.

Expected year-ahead business conditions fell back 10%, along with a 13% drop for the five-year horizon.

Any re-escalation of trade tensions will likely exacerbate these trends. This release covers interviews completed between July 28 and August 24.

Year-ahead inflation expectations ticked down from 4.2% in July to 4.0%. The current reading substantially exceeds the 3.4% seen in February before the Iran invasion began, along with all 2024 readings. Long-run  inflation expectations held steady at 3.3% for the third consecutive month, remaining a bit higher than its 2024 range of 2.8% to 3.2%..."

=========

The ICS is derived from the following five survey questions:

1. "We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?"
   
   
2. "Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?"
   
   
3. "Now turning to business conditions in the country as a whole, do you think that during the next twelve months we'll have good times financially, or bad times, or what?"
   
   
4. "Looking ahead, which would you say is more likely: that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?"
   
   
5. "About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?"
   

=========

• Click here for more on how the ICS is calculated.

=========

The ICS uses a 1966 baseline, i.e. for 1966, the ICS = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as those polled back in 1966.

The ICS is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer valuable insight into consumer spending.

=========

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=========

• Click here to view the full University of Michigan report.

=========

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Consumer Confidence Index (CCI) for AUGUST 2026

The Consumer Confidence Index® (CCI) for this month (August, 2026) was released by The Conference Board®:

================

Predicted: 90.0

• Actual: 89.4

================

Previous Month (revised): 90.2

• Change from Previous Month: -0.89% (-0.8 point)
  

================

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence moderated slightly in August for a second consecutive month,' said  Dana M Peterson, Chief Economist, The Conference Board. 'The Expectations Index slipped further into negative territory, which was offset by a moderate rise in the Present Situation Index after declining in the past three months.

Consumer appraisals of current business conditions were mildly positive. Perceptions of the current labor market improved, reversing three months of moderate decline. Looking ahead, consumers were more pessimistic about business conditions and the labor market over the next six months. Expectations for household incomes moderated but remained optimistic overall.'..."

================

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board® is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

================  

CHART: Consumer Confidence Index® (CCI)

AUGUST 2026 Update

========================================

• Click here to view the full Conference Board report.

========================================= 

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Consumer Confidence Index (CCI) for JULY 2026

Consumer Confidence Index® (CCI) for this month (July, 2026) was released by The Conference Board®:

================

Predicted: 91.0

• Actual: 90.8

================

Previous Month (revised): 92.2

• Change from Previous Month: -1.52% (-1.4 points)
  

================

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...Consumer Assessments of the Present Situation Softened for a Third Straight Month

The Conference Board Consumer Confidence Index® decreased by 1.4 points to 90.8 (1985=100) in July, down from an upwardly revised 92.2 in June. The Present Situation Index -- based on consumers’ assessment of current business and labor market conditions -- fell by 3.6 points to 114.9, its third consecutive monthly decline.

The Expectations Index -- based on consumers’ short-term outlook for income, business, and labor market conditions -- remained unchanged at 74.7. The survey period for this month’s preliminary results was July 1–22, encompassing ongoing conflict in the Middle East.

'Consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021,' said Dana M Peterson, Chief Economist, The Conference Board. 'The Present Situation Index was less positive for a third consecutive month while the Expectations Index remained in negative territory.

Consumer appraisals of current business conditions and, to a lesser extent, perceptions of the current labor market both softened. Looking ahead, consumers anticipate little improvement in business conditions over the next six months, but expectations for the labor market were slightly less negative. Expectations for household incomes moderated but remained optimistic overall.'..."

================

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board® is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

================  

CHART: Consumer Confidence Index® (CCI)

JULY 2026 Update

========================================

• Click here to view the full Conference Board report.

========================================= 

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Consumer Confidence Index (CCI) for JUNE 2026

Consumer Confidence Index® (CCI) for this month (June, 2026) was released by The Conference Board®:

================

Predicted: 92.0

• Actual: 91.2

================

Previous Month (revised): 90.6

• Change from Previous Month: +0.66% (+0.6 point)
  

================

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence inched up in June as falling oil prices in recent weeks provided some relief to consumer inflation fears,' said Dana M Peterson, Chief Economist, The Conference Board.  'Consumer appraisals of current business conditions were slightly more positive compared to last month.

However, perceptions of the current labor market softened measurably as the percentage of consumers saying jobs were ‘hard to get’ rose to 22.5%, the highest level since January 2021 (22.8%).

Moreover, consumers anticipate little change in the labor market six months from now. This was offset by improving expectations for business conditions and incomes.'..."

================

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board® is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

================  

CHART: Consumer Confidence Index® (CCI)

JUNE 2026 Update

========================================

• Click here to view the full Conference Board report.

========================================= 

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Consumer Confidence Index (CCI) for MAY 2026

Consumer Confidence Index® (CCI) for this month (May, 2026) was released by The Conference Board®:

================

Predicted: 92.0

• Actual: 93.1

================

Previous Month (revised): 93.8

• Change from Previous Month: -0.75% (-0.7 point)
  

================

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence edged downward in May as the inflationary impacts of the [invasion of Iran] intensified,' said  Dana M Peterson, Chief Economist, The Conference Board. 'Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month.

This was somewhat offset by modest improvements in consumers’ expectations for business conditions and the labor market six months from now. Meanwhile, income expectations eased in May, as those anticipating less income rose.'..."

================

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board® is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

================  

CHART: Consumer Confidence Index® (CCI)

MAY 2026 Update

========================================

• Click here to view the full Conference Board report.

========================================= 

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Consumer Sentiment: FINAL Results for MAY 2026

The University of Michigan's Index of Consumer Sentiment (ICS) - FINAL Results for May, 2026 was released today:

Predicted: 45.0

• Actual: 44.8

=========

• Change from Previous Month: -10.04% (-5.0 points)
  
  

• Change from 12-Months Previous: -14.18% (-7.4 points)

=========

• Final ICS Reading for April 2026: 49.8
  
  
• Final ICS Reading for May 2025: 52.2

=========

From Today's Report:

"...Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices. Sentiment is now just below the previous historical trough seen in June 2022. The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month.

Lower-income consumers and those without college degrees posted particularly strong sentiment declines; these groups are more sensitive to increases in the cost of gas and other essentials. 

Independents and Republicans saw decreases in sentiment, with both groups reaching their lowest readings of the current presidential administration.

Meanwhile, sentiment of Democrats was little changed from last month. Critically, consumers appear worried that inflation will increase and proliferate beyond fuel prices, even in the long run.

Year-ahead inflation expectations inched up from 4.7% last month to 4.8% this month. The current reading substantially exceeds the 3.4% reading seen in February 2026 prior to the start of the Iran invasion, along with all 2024 readings.

Long-run inflation expectations climbed from 3.5% in April to 3.9% in May, notably higher than the 2.8% to 3.2% range seen in 2024. This month’s increase in long-run expectations reflects sizable jumps among independents and Republicans. For the latter group, long-run inflation expectations are currently more than double their February 2025 reading on a monthly basis..."

=========

CHART: Short-Run Expectations Worsened Since
February 2026, Long-Run Expectations Following Suit
 =========

The ICS is derived from the following five survey questions:

1. "We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?"
   
   
2. "Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?"
   
   
3. "Now turning to business conditions in the country as a whole, do you think that during the next twelve months we'll have good times financially, or bad times, or what?"
   
   
4. "Looking ahead, which would you say is more likely: that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?"
   
   
5. "About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?"
   

=========

• Click here for more on how the ICS is calculated.

=========

The ICS uses a 1966 baseline, i.e. for 1966, the ICS = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as those polled back in 1966.

The ICS is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer valuable insight into consumer spending.

=========

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=========

• Click here to view the full University of Michigan report.

=========

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Consumer Confidence Index (CCI) for APRIL 2026

Consumer Confidence Index® (CCI) for this month (April, 2026) was released by The Conference Board®:

================

Predicted: 90.0

• Actual: 92.8

================

Previous Month (revised): 92.2

• Change from Previous Month: +0.65% (+0.6 point)
  

================

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence edged up in April but was overall little changed, despite material concern about rising gasoline prices as the war in the Middle East prompted a surge in Brent crude oil prices,' said Dana M Peterson, Chief Economist, The Conference Board.

'Consumer appraisals of current and expected business conditions declined moderately compared to last month. This was offset by modest improvements in consumers’ perceptions of the labor market, both current and expected, as well as income expectations, which were slightly more optimistic in April.'..."

================

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board® is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

================  

CHART: Consumer Confidence Index® (CCI)

APRIL 2026 Update

========================================

• Click here to view the full Conference Board report.

========================================= 

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Consumer Sentiment: FINAL Results for APRIL 2026

The University of Michigan's Index of Consumer Sentiment (ICS) - FINAL Results for April, 2026 was released today:

Predicted: 49.0

• Actual: 49.8

=========

• Change from Previous Month: -6.57% (-3.5 points)
  
  

• Change from 12-Months Previous: -4.6% (-2.4 points)

=========

• Final ICS Reading for March 2026: 53.3
  
  
• Final ICS Reading for April 2025: 52.2

=========

From Today's Report:

"...Consumer sentiment ticked down 3.5 index points this month, now comparable to the trough seen in June 2022. Decreases in sentiment were seen across political party, income, age, and education.

Expected business conditions declined for both short and long time horizons, nearly matching year-ago readings when the reciprocal tariff regime was implemented.

After the two-week cease-fire was announced and gas prices softened a touch, sentiment recovered a modest portion of its early-month losses.

The Iran invasion appears to influence consumer views primarily through shocks to gasoline and potentially other prices.

In contrast, military and diplomatic developments that do not lift supply constraints or lower energy prices are unlikely to buoy consumers.

Year-ahead inflation expectations surged from 3.8% in March to 4.7% this month, the largest one-month increase since April 2025. The current reading exceeds those seen in 2024 and remains well above the 2.3-3.0% range seen in the two years pre-pandemic.

After hovering between 3.2 and 3.3% for the previous four months, long-run inflation expectations climbed to 3.5% in April, the highest reading since October 2025. In 2024, values ranged between 2.8% and 3.2%, while in 2019 and 2020, they were consistently below 2.8%..."

=========

CHART: Buy-in-Advance Motives Tick Up After Start of
Iran Invasion But Remain Historically Modest So Far
 =========

The ICS is derived from the following five survey questions:

1. "We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?"
   
   
2. "Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?"
   
   
3. "Now turning to business conditions in the country as a whole, do you think that during the next twelve months we'll have good times financially, or bad times, or what?"
   
   
4. "Looking ahead, which would you say is more likely: that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?"
   
   
5. "About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?"
   

=========

• Click here for more on how the ICS is calculated.

=========

The ICS uses a 1966 baseline, i.e. for 1966, the ICS = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as those polled back in 1966.

The ICS is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer valuable insight into consumer spending.

=========

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=========

• Click here to view the full University of Michigan report.

=========

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Consumer Sentiment: PRELIMINARY Results for APRIL 2026

The University of Michigan's Index of Consumer Sentiment (ICS) -  PRELIMINARY Results for April, 2026 was released today:

Predicted: 54.0

• Actual: 47.6

=========

• Change from Previous Month: -10.69% (-5.7 points)
  
  

• Change from 12-Months Previous: -8.81% (-4.6 points)

=========

• Final ICS Reading for March, 2026: 53.3
  
  
• Final ICS Reading for April, 2025: 52.2

=========

From Today's Report:

"...Consumer sentiment sank about 11% this month, extending a decline that began with the start of the Iran conflict, and is currently about 9% below a year ago.

Demographic groups across age, income, and political party all posted setbacks in sentiment, as did every component of the index, reflecting the widespread nature of this month’s fall.

One-year expected business conditions plunged about 20% and is now 6% below last April. Assessments of personal finances declined about 11%, with consumers expressing a substantial increase in concerns over high prices and weaker asset values.

Buying conditions for durables and vehicles worsened, again on the basis of high prices. Open ended comments show that many consumers blame the Iran conflict for unfavorable changes to the economy. Note that 98% of interviews were completed prior to the April 7th announcement of a temporary cease-fire.

Economic expectations will likely improve after consumers gain confidence that the supply disruptions stemming from the Iran conflict have ended and gas prices have moderated.

Year-ahead inflation expectations surged from 3.8% in March to 4.8% this month, the largest one-month increase since April 2025 (see chart, black dashed line and black circle).

The current reading exceeds those seen in 2024 and remains well above the 2.3-3.0% range seen in the two years pre-pandemic. Long-run inflation expectations ticked up from 3.2% last month to 3.4% this month, the highest reading since November 2025.

In 2024, values ranged between 2.8% and 3.2%, while in 2019 and 2020, they were consistently below 2.8%..."

=========

CHART: Expectations Worsen After Start of 
Invasion of Iran, Particularly Over Short Run 
 =========

The ICS is derived from the following five survey questions:

1. "We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?"
   
   
2. "Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?"
   
   
3. "Now turning to business conditions in the country as a whole, do you think that during the next twelve months we'll have good times financially, or bad times, or what?"
   
   
4. "Looking ahead, which would you say is more likely: that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?"
   
   
5. "About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?"
   

=========

• Click here for more on how the ICS is calculated.

=========

The ICS uses a 1966 baseline, i.e. for 1966, the ICS = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as those polled back in 1966.

The ICS is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer valuable insight into consumer spending.

=========

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=========

• Click here to view the full University of Michigan report.

=========

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Consumer Confidence Index (CCI) for MARCH 2026

Consumer Confidence Index® (CCI) for this month (March, 2026) was released by The Conference Board®:

================

Predicted: 88.0

• Actual: 91.8

================

Previous Month (revised): 91.0

• Change from Previous Month: +0.9% (+0.8 point)
  

================

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...While not obvious in the headline or its component indexes, the weight of rising costs due to tariff pass-through and spiking oil prices was evident among other measures in the survey like inflation expectations.

'Consumer confidence ticked up again in March, as a modest improvement in consumers’ views of current conditions outweighed a slight downshift in expectations for the future,' said Dana M Peterson, Chief Economist, The Conference Board.

'Three of five components of the Index firmed in March, and overall confidence improved modestly for a second month. Nonetheless, the Index has been on a general downward trend since 2021.'..."

================

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board® is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

================  

CHART: Consumer Confidence Index (CCI)

MARCH 2026 Update

========================================

• Click here to view the full Conference Board report.

========================================= 

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Consumer Sentiment: FINAL Results for MARCH 2026

The University of Michigan's Index of Consumer Sentiment (ICS) - FINAL Results for March, 2026 was released today:

Predicted: 54.0

• Actual: 53.3

=========

• Change from Previous Month: -5.83% (-3.3 points)
  
  

• Change from 12-Months Previous: -6.49% (-3.7 points)

=========

• Final ICS Reading for February 2026: 56.6
  
  
• Final ICS Reading for March 2025: 57.0

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From Today's Report:

"...Consumer sentiment fell back 6% this month to its lowest level since December 2025. Declines were seen across age and political party. Consumers with middle and higher incomes and stock wealth, buffeted by both escalating gas prices and volatile financial markets in the wake of the Iran invasion, exhibited particularly large drops in sentiment. 

Overall, the short-run economic outlook plunged 14%, and year-ahead expected personal finances sank 10%, while declines in long-run expectations were more subdued.

These patterns suggest that, at this time, consumers may not expect recent negative developments to persist far into the future. These views are subject to change, however, if the Iran conflict becomes protracted or if higher energy prices pass through to overall inflation.

Interviews for this release were collected between February 17 and March 23, with about two-thirds completed after the start of the US military invasion of Iran.

Year-ahead inflation expectations climbed from 3.4% in February to 3.8% this month, the largest one-month increase since April 2025. The current reading exceeds those seen in 2024 and remains well above the 2.3-3.0% range seen in the two years pre-pandemic.

Long-run inflation expectations inched down to 3.2%. In 2024, values ranged between 2.8% and 3.2%, while in 2019 and 2020, they were consistently below 2.8%. Note that for both time horizons, interviews completed after February 28th exhibited higher inflation expectations than those completed before that date..."

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CHART: Expectations Worsen After Start of 
Invasion of Iran, Particularly Over Short Run 
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The ICS is derived from the following five survey questions:

1. "We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago?"
   
   
2. "Now looking ahead, do you think that a year from now you (and your family living there) will be better off financially, or worse off, or just about the same as now?"
   
   
3. "Now turning to business conditions in the country as a whole, do you think that during the next twelve months we'll have good times financially, or bad times, or what?"
   
   
4. "Looking ahead, which would you say is more likely: that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?"
   
   
5. "About the big things people buy for their homes, such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items?"
   

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• Click here for more on how the ICS is calculated.

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The ICS uses a 1966 baseline, i.e. for 1966, the ICS = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as those polled back in 1966.

The ICS is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer valuable insight into consumer spending.

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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Click here to view the full University of Michigan report.

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