U.S. Consumer Confidence Fell to a Three-Month Low in March |
| Bloomberg - Mar 29, 2011 |
Confidence among U.S. consumers dropped more than forecast in March as fuel costs surged to the highest level in more than two years.
The Conference Board’s confidence index fell to a three- month low of 63.4 from a revised 72 reading in February, figures from the New York-based private research group showed today. The median forecast of economists surveyed by Bloomberg News called for a drop this month to 65.
Sentiment may remain suppressed as higher prices at gas stations and grocery stores take a bigger bite out of Americans’ incomes. A pickup in the job market and savings from tax cuts make it less likely that household spending, which accounts for about 70 percent of the economy, will falter.
“Consumers are concerned about fuel costs,” Lindsey Piegza, an economist at FTN Financial in New York, said before the report. Even so, “people are less worried they’ll lose their job,” and “there a feeling the economy is holding steady,” she said.
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- Posted: 2011-03-29 09:33:24
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