Consumer sentiment plunges in March

AMID THE CORONAVIRUS OUTBREAK, U.S. consumer sentiment plummeted this month, its steepest drop since the height of the financial crisis in October 2008. The University of Michigan's consumer sentiment index plunged more than expected to 89.1 from 101 in February. That's the lowest level in three-and-a-half years. Separately, consumer spending rose moderately in February, up 0.2%. But the fast spreading coronavirus pandemic that has forced many Americans to stay at home will likely cause A HUGE DROP IN SPENDING in the coming months. Consumer spending for more than two-thirds of economic activity. Jobless claims have catapulted to a record high , and economists say the U.S. economy is already in recession.