U.S. consumer sentiment fell in March as lower- and middle-income households lost confidence during a harsh winter amid higher gas prices, a survey released on Friday showed.
The University of Michigan's March reading of its consumer sentiment survey index dropped to 93, down from the February reading of 95.4.
The third index reading followed one on March 14 of 91.2, showing a slightly higher level of consumer confidence than analysts had forecast.
"Consumer optimism slipped in early March among lower- and middle-income households (- 6.5 percent from February) while confidence improved among households with incomes in the top third (3.2 percent)," survey director Richard Curtin said in a statement.
- 'Temporary setbacks'
Households with lower incomes were hurt by the harsh winter and rising gasoline prices, the statement said.
"Despite the small temporary setbacks, the overall level of consumer confidence remains favorable enough to support 3.3 percent growth rate in personal consumption expenditures during 2015," Curtin said.
The survey's reading of current economic conditions fell to 105 from 106.9 in February.
The survey's gauge of consumer expectations slipped to 85.3 from 88.
The Federal Reserve may delay its upcoming interest rate hike based on poor growth data and inflation well below the target of 2 percent.
