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CONSUMER CONFIDENCE PLUNGES IN MARCH

Matthew BoeslerMar 15, 2013, 19:25 IST

AP ImagesThe preliminary results of the University of Michigan's monthly consumer confidence survey are out.

The index fell to 71.8 from last month's 77.6 reading.

Economists expected the index to rise to 78.0, but a weak IBD/TIPP Economic Optimism Index reading last week foreshadowed the drop in today's release.

The economic conditions sub-index fell to 87.5 from 89.0 in February.

The economic outlook sub-index fell to 61.7 from 70.2 last month.

Inflation expectations 1 year ahead were unchanged at 3.3 percent, while inflation expectations 5 years ahead ticked down to 2.9 percent from 3.0 percent last month.