Consumer Sentiment Index Declines In March Following Bad Weather
Source: The American Register
U.S. consumer sentiment slipped in March as a slight bump in gasoline prices and bad weather weighed on lower-income households. The University of Michigan final March sentiment index registered at 93.0, up from the preliminary reading of 91.2 but below the final February reading of 95.4.
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Sentiment shot up to an 11-year high in January, then retreated modestly in February and March. One reason for the pullback: Gasoline prices have been ticking back after a sharp drop in the second half of 2014.
Gasoline costs an average $2.43 a gallon, up from low of $2.03 a gallon in late January; but prices at the pump are still down from $3.54 a year ago, according to AAA. The March drop in confidence was caused entirely by falling confidence among low-income households, which are especially sensitive to high utility bills in the winter.
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Confidence rose for mid- and high-income households. Another gauge of consumers’ spirits, the Conference Board’s confidence index, slipped slightly in February but remained near the highest levels since before the Great Recession.
Read more: http://www.theamericanregister.com/consumer-sentiment-index-declines-in-march-following-bad-weather/8834/
