March Consumer Confidence Tumbles on Rising Oil Costs
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The confidence of the American shopper fell more than expected in March as rising fuel costs, which hit a two-year high earlier this month, weighed.
The Conference Board reported Tuesday that its confidence index fell to a three-month low of 63.4 in March, down from a revised 72 for the previous month.
Economists had expected a more modest drop to a reading of 65.
The data showed that the American consumer's inflation expectations for the next 12 months jumped to 6.7 percent, the highest since October.
The reading is still well off the 98 average during the expansion that ended in December 2007.
The Conference Board reported Tuesday that its confidence index fell to a three-month low of 63.4 in March, down from a revised 72 for the previous month.
Economists had expected a more modest drop to a reading of 65.
The data showed that the American consumer's inflation expectations for the next 12 months jumped to 6.7 percent, the highest since October.
The reading is still well off the 98 average during the expansion that ended in December 2007.
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