Consumer Sentiment in U.S. Drops on Gasoline Prices: Economy |
| Bloomberg - Mar 16, 2012 |
Confidence among U.S. consumers unexpectedly dropped in March as this year’s 17 percent jump in gasoline prices threatens to squeeze household budgets.
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment fell to 74.3, the lowest this year, from 75.3 the prior month. The gauge was projected to rise to 76, according to the median forecast of 70 economists surveyed by Bloomberg News. A government report today showed that consumer prices rose in February by the most in 10 months, with gasoline accounting for 80 percent of the increase.
The sentiment gauge contrasts with the Bloomberg Consumer Comfort Index, which climbed last week to the highest level since 2008. Reports this week showed claims for unemployment benefits declined, matching a four-year low, and retail sales rose in February by the most in five months, indicating households are weathering the increase in fuel costs.
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- Posted: 2012-03-16 12:16:35
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