US consumer confidence has dropped significantly in March, driven by growing concerns over economic policies and their potential impact. The University of Michigan's Consumer Sentiment Index fell to 57, its lowest level since November 2022, down from 64.7 in February and 79.4 in March 2024. The decline was led by a slump in consumer expectations, which reached their lowest point since July 2022. Consumers across all demographics expressed worsening expectations for personal finances, business conditions, unemployment, and inflation. Two-thirds of consumers expect unemployment to rise, and year-ahead inflation expectations surged to 5%, the highest since November 2022. This follows The Conference Board's report that consumer expectations hit a 12-year low, signaling potential recession concerns.