Consumers Down In The Dumps In March

Consumers are in a sour mood this month, according to the University of Michigan Consumer Confidence Survey.

And how can you really blame them? Gasoline prices continue to rise, crossing the $4 a gallon mark in some areas of the country. Food prices are also going up, and have the potential to climb even more once big hikes at the producer level get passed onto the retail level.

And needless to say, few employers are handing out raises and unemployment remains high.

Also, complaints continue to roll into ConsumerAffairs.com about expensive TVs and washing machines that stop working almost as soon as the warranty expires, poor or non-existent customer service and assorted ripoffs.

Consumers seem fed up and are very easily ticked off.

"I recently ordered a desk from Office Depot and have since found that their delivery service and customer service are both worthless," Jim, of Marysville, Wash., told ConsumerAffairs.com. "The delivery date was supposed to be March 23rd and it is now pushed back to the 31st because someone forgot to load it on the truck today."

Frustrations like Jim's certainly don't help consumer confidence. According to the University of Michigan index, the final March reading was 67.5, down from 77.5 in February.

Why does consumer confidence matter? Economists say when consumer confidence falls, so does consumer spending. With the economy still in a precarious recovery, having consumers retreat to the sidelines doesn't help.