Oil spike deflates consumer confidence in March

03/14/2011 | Bloomberg Businessweek

Consumer confidence in the U.S. dropped more than expected in March as rising oil prices put pressure on household budgets, according to a Thomson Reuters/University of Michigan survey. The group's consumer sentiment index in March dropped almost 10 points from February. "If fuel prices rise even further, it could be a threat to consumer spending," said Ryan Wang, an economist at HSBC Securities.

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