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Consumer sentiment drops again in March

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Consumer sentiment drops again in March

Low-income consumers drive the decline.

Consumer sentiment fell again in March, according a closely-watched barometer of confidence.

According to multiple outlets, the closely-watched Thomson Reuters/University of Michigan consumer sentiment index rose to 91.2 in March, well below analysts’ expectations of 95.3.

The index hit an 11-year high in January, coming in at 98.1.

Richard Curtin, chief economist at Michigan's survey of Consumers, was quoted by Dow Jones as saying "Consumer optimism slipped in early March among lower- and middle-income households. The renewed concerns expressed by lower- and middle-income households mainly involved income declines and higher utility costs--as well as disruptions to shopping and businesses due to the harsh winter."

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