Consumer Confidence Falls to 16-Year Low

U.S. consumer confidence fell to a 16-year low this month, according to the Reuters/University of Michigan monthly consumer sentiment index, released Friday.

The preliminary index for the month plunged to a reading of 70.5, from 70.8 in February, the survey said.

The reading was the lowest since February 1992 and compares with an average 85.2 last year, Bloomberg reported.

The reading was higher than economists’ forecasts of a 69.3 reading, Bloomberg said.