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 University of Michigan’s closely watched index of consumer sentiment declined sharply to 57.9 in mid-March from 64.7 last month. It marks the lowest level since 2022.