Michigan Consumer Sentiment Index Drops
he University of Michigan’s final consumer sentiment index for March fell to 92.6, the lowest since October, following a 94.1 reading in February.
The report was in line with analysts’ estimates, CNBC reported. In a preliminary report March 18 the index had been reported at 92.9.
arch was the third straight month the index has declined. Analysts said rising gasoline prices have weighed on consumer sentiment, Bloomberg reported.
The university's index of current conditions, which reflects Americans' perceptions of their financial situation and whether it's a good time to make large purchases, fell to 108 in March from 109.2.
The final index is based on a phone survey of 500 households.
