US consumer sentiment posts surprise drop from initial reading
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US consumer sentiment declined to 76.9 from a preliminary reading of 79.6 in late February, marking a reversal from earlier in the month that showed a pickup in optimism. The intramonth drop was the biggest since March 2020. The earlier February reading was the highest since July 2021. Gas prices climbed notably toward the end of the month, but the survey didn’t specify what led sentiment to deteriorate so much through Feb 26, when the final responses were collected. Consumers expect prices will climb at an annual rate of 3% over the next year, up from the 2.9% expected in January. Despite the drop, sentiment has largely been improving in the last two years as inflation has retreated without much damage to the economy. Views among Republicans improved to the best level since mid-2021, while those for Democrats worsened by the most since June 2022 but remained elevated.



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