U.S. consumers' confidence fell to a 16-year low in March, pointing to recession, as worries over fading job prospects and rising inflation clouded the outlook, a survey showed.
The Reuters/University of Michigan Surveys of Consumers said its final index of confidence fell to 69.5 in March -- its lowest since February 1992, when it was at 68.8 -- from the previous month's reading of 70.8.
Economists polled by Reuters expected a reading of 70.0. The preliminary report showed the index of confidence at 70.5 in early March.
The index of consumer expectations fell to 60.1, its lowest since January 1992, when it was at 59.1. In February this year it was at 62.4.