Ann Arbor, MI, April 1--The University of Michigan said its final measure of consumer confidence fell to 92.6 in March from 94.1 in February, according to market sources who saw the subscription-only report.
The measure had slipped to 92.9 in early March. Analysts had forecast the final March reading at 92.7.
The survey's expectations component eased to 82.8 from 84.4 in February, while sentiment on current conditions fell to 108.0 from 109.2.
Consumer spending makes up about two-thirds of overall U.S. economic activity, and reduced confidence is seen as a precursor to slower growth.
However, in recent years the correlation between confidence and retail sales has weakened, with consumers buying cars and homes even as they indicate to surveys that economic conditions are declining.
