Consumer Confidence Falls to 16-Year Low

U.S. consumer confidence fell this month to a 16-year low, according to the Reuters/University of Michigan monthly consumer sentiment index, released Friday.

The final index for the month fell to a reading of 69.5 — down a preliminary reading of 70.5 and from February’s 70.8, the survey said.

The reading was the lowest since February 1992 and compares with last year’s average of 85.2, Bloomberg reported.

The reading was below economists’ forecasts of a 70 reading, Bloomberg said.