Consumers have been gloomy about the economy for a while. That hasn’t translated to a pullback in spending yet—but uncertainty over recent policy changes could change that.

While Michigan’s survey often shows sharp partisan differences in sentiment, the March survey found a 10% decline in future expectations among Republicans. The sentiment among Democrats was off by 24%, while among independents it was down 12%.

The Trump bump in consumer sentiment is now a Trump slump.

Consumer sentiment took another hit in March as worries intensified over inflation and a slumping stock market, according to the University of Michigan's latest sentiment survey released Friday.

Policy uncertainty and tariff whiplash are making consumers less confident about the economy and more worried about inflation, a new survey shows.

U.S. consumer sentiment plunged to a nearly 2-1/2-year low in March and inflation expectations soared amid worries that President Donald Trump's sweeping tariffs, which have ignited a trade war, would boost prices and undercut the economy.

Consumers have been gloomy about the economy for a while. That hasn’t translated to a pullback in spending yet—but uncertainty over recent policy changes could change that.

Uncertainty around the economy, stocks and jobs are taking a toll. One economist labeled the latest reading from the University of Michigan’s index “horrific.”

The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index dropped to 57.9 this month from a final reading of 64.7 in February. Economists polled by Reuters had forecast the index falling to 63.