As compared to the previous month, consumer confidence slipped in March due to rising gas prices. According to the forecasters, the consumer confidence index will slip to 70.0 in March, from 70.8 in February.

On Monday, the nationwide average for a gallon of gas reached $3.90. Economists are worried as they think rising oil prices may force consumers to pull back their spending.

As the economic outlook was improving, February’s reading reached 72. It might reach 90 in March indicating a healthy economy. In February 2009, the consumer confidence hit all-time low at 25.3. Since then, it has made a fitful recovery. Improvement in the job market is the key factor behind boosting the consumer confidence. The unemployment rate has slipped to 8.3 percent.

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Original Source: Consumer Confidence
10/23/2012 21:28:00

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