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The University of Michigan Consumer Sentiment Survey slipped to 88.4 in March, down from February's 91.3 and its lowest level in six months.
We talk about the complete uselessness of the UofM survey quite a bit around these parts and today provides a terrific example that backs it up.
Despite a terribly weak UofM survey, the Commerce Department released their Personal Spending report. That report revealed that consumers are undeterred and continue to drop dollars at their favorite stores and restaurants.
Personal Spending was up by whopping 0.6% over the previous month and the personal savings rate remained below water at -1.2%. People are still spending more than they save (even as they are less confident about the future).
I remain convinced: Confidence surveys are worthless because what people say they will do their money, and what they actually do with their money are two very different things.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
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