Consumer Sentiment in U.S. Fell in March to Four-Month Low
Source: Bloomberg
(Bloomberg) -- Consumer confidence declined in March to a four-month low as optimism about the U.S. economy was tempered by weaker income expectations and a rebound in gasoline prices.
The University of Michigan said Friday its preliminary consumer sentiment index decreased to 91.2 this month from 95.4 in February. The median projection in a Bloomberg survey of economists called for a reading of 95.5.
Consumers were less upbeat this month as cold weather boosted utility bills, the cost of gas climbed from the almost six-year low in January and wage growth was limited among middle- and lower-income households. At the same time, a better job market is among reasons Americans may feel comfortable sustaining a steady pace of spending.
“One of the things that was driving it was just rising gasoline prices,” said Drew Matus, deputy U.S. chief economist at UBS Securities LLC in New York. “The general view on the U.S. consumer is going to be mainly driven by the improvement in the labor market.”
Read more: http://www.bloomberg.com/news/articles/2015-03-13/consumer-sentiment-in-u-s-declined-in-march-to-four-month-low
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