Preliminary Consumer Sentiment Index Falls in March

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he University of Michigan's preliminary consumer sentiment index declined to 92.9 in March, the lowest since November, from a final reading of 94.1 in February, Bloomberg reported.

March was the third straight month the index has declined. Analysts said rising gasoline prices have weighed on consumer sentiment, Bloomberg reported.

The consumer expectations index, based on optimism about the next one to five years, fell to 83.6, the lowest since May, from 84.4.

The university's index of current conditions, which reflects Americans' perceptions of their financial situation and whether it's a good time to make big purchases, fell to 107.3 from 109.2.

The preliminary index is based on a phone survey of about 300 households. The final report for the month, due April 1, will reflect about 500 responses.