03.13.15
Amazing what a blip in fuel costs will do to your psyche. Consumer confidence declined in March to a four-month low as optimism about the US 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. The Michigan sentiment survey’s index of expectations six months from now decreased to 83.7, the lowest since November, from 88 last month. The gauge of current conditions, which measures Americans’ views of their personal finances, fell to 103 in March, also a four-month low, from 106.9 a month earlier.
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. The Michigan sentiment survey’s index of expectations six months from now decreased to 83.7, the lowest since November, from 88 last month. The gauge of current conditions, which measures Americans’ views of their personal finances, fell to 103 in March, also a four-month low, from 106.9 a month earlier.