Consumer sentiment at 16-year low

U.S. consumer sentiment has slipped to its lowest level since 1992, according to a preliminary University of Michigan/Reuters index that tracks consumer sentiment and was released today. The index dipped to 70.5 from 70.8 in February, and the expectations index fell to 61.4, from 62.4, according to published reports. Economists in a Reuters survey that was taken before the consumer sentiment number was released estimated a March reading of 69, so the drop was a little less than was expected. Concerns of inflation from consumers rose in February to 4.5, from 3.7, in the latest index results. The current conditions index for the month did improve however to 84.6 from a February reading of 83.8.