Consumer Sentiment Dips on Gasoline Prices

Washington, DC, March 16, 2012 -- Consumer sentiment in March declined for the first time since August, falling to 74.3 in a preliminary reading for the month from a final level of 75.3 for February, according to the University of Michigan/Thomson Reuters survey.

Economists had expected a March reading of 76.5.

Rising gasoline prices pushed Americans' inflation expectations for the next year higher.

"Overall, the data indicate that $4 gasoline has lost its shock value, although the drain on discretionary income will still affect spending, mostly among lower income households," survey director Richard Curtin said in a statement.

"If gasoline prices approach $5 per gallon, however, a widespread and substantial impact is likely."