U.S. consumer confidence
fell this month to the lowest in almost a decade as the buildup to
war in Iraq and higher energy costs threatened to slow the
economy.
The Conference Board’s confidence index dropped to 62.5
during the month from 64.8 in February. That was the lowest since
60.5 in October 1993 and marked the ninth decline in the past 10
months. Americans’ outlook for the economy was the bleakest since
the Gulf War in early 1991.
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Falling confidence may be damping consumer spending, which
accounts for two-thirds of the economy and has sustained growth
for the past year. Gasoline prices reached a record high, snow
blanketed the Northeast and companies put hiring plans on hold.
“There simply wasn’t anything for consumers to get excited
about last month,” said Richard Yamarone, chief economist at
Argus Research Corp. in New York.
Bloomberg News
