NEW YORK (AP) -- A second consecutive monthly drop in consumer confidence indicates that rising interest rates and soaring oil prices may cool off Americans' spending spree, which has been the engine of the nation's booming economy.
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The Conference Board said Tuesday that its Consumer Confidence Index dropped in March to 136.7 from 140.8 in February and a record 144.7 in January. Wall Street analysts had expected a March reading of 139.8. Consumers were more positive about the current economic situation than they were about future economic prospects, the survey of 5,000 U.S. households showed.