Consumer Sentiment in U.S. Unexpectedly Increased in March
By Jeanna Smialek - Mar 29, 2013
Confidence among U.S. consumers unexpectedly increased in March from the prior month as Americans grew more optimistic about the outlook for the economy.
The Thomson Reuters/University of Michigan sentiment index advanced to a four-month high of 78.6, exceeding all estimates in a Bloomberg survey, from 77.6 in February. The median forecast was 72.6 after a preliminary March reading of 71.8.
Americans are finding relief in lower gasoline prices, a rally in the stock market and housing’s recovery, helping alleviate concern about federal spending cuts. A report earlier today showed household spending rose in February by the most in five months as income growth picked up.
“We will start to see the consumer become a little more engaged this summer and into the second half of the year,” Russell Price, senior economist at Ameriprise Financial Inc. in Detroit, said before the report. “We are going to see some improvement in consumer confidence as we go forward and people put concerns about the sequester behind them.”
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http://www.bloomberg.com/news/2013-03-29/michigan-consumer-sentiment-rose-to-78-6-in-march-from-77-6.html