The University of Michigan Consumer Sentiment index fell in March to 63.4 from 67 in February, the first drop since November. Notably, this preliminary figure doesn't take into account recent bank troubles, such as SVB Financial Group's asset seizure and subsequent bankruptcy filing.
Consumer sentiment may continue weakening in wake of bank troubles
Consumer spending is the largest component of the U.S. gross domestic product. In the fourth quarter, it was $14.2 trillion, representing more than 70% of GDP. Consumer spending increased by 1.4%, slowing down from the previous two quarters' 2.3% and 2% growth.
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