U.S. Consumers Are Scared. Confidence Is the Lowest in More Than 3 Years.

American consumers’ confidence in the economy is deteriorating as anxiety over the coronavirus takes hold. The University of Michigan’s index of consumer sentiment dropped to 89.1 in March from 101.0 in February. That’s the lowest level in more than three years, and the monthly decline is among the worst on record. Economists polled by The Wall Street Journal expected a slightly less severe drop to 90.0. Sentiment is only going to get worse given surging unemployment and falling household incomes as efforts to limit the outbreak keep businesses shuttered and people home. On Thursday, the Labor Department...