U.S. consumer confidence unexpectedly
fell this month as gasoline prices rose to a record and U.S.
casualties mounted in Iraq. The third-warmest March in 110 years
depressed utility production and boosted housing starts to the
biggest increase in almost a year.
The reports show the U.S. economy still has pockets of
weakness that may keep the Federal Reserve from being quick to
raise its benchmark interest rate, economists said. Policy makers
should wait for “at least a little more confirmation of the
apparent strength in the economy,” said Alfred Broaddus,
president of the Fed Bank of Richmond, in a speech Friday morning.
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