Consumer confidence in February experienced a setback, marking its first decline since November, according to The Conference Board's Consumer Confidence Index. Dana Peterson, the chief economist at The Conference Board, attributed this decline to persistent uncertainty surrounding the US economy.
The index for February dropped to 106.7, down from a revised level of 110.9 in January. Despite January's initial reading of 114, which marked a two-year high, economists surveyed by Bloomberg had anticipated a reading of 115 for February.
Specifically, the Expectations Index, which gauges consumers' short-term outlook on income, business, and labor market conditions, decreased to 79.8 in February from a revised 81.5 in January. Historically, a reading below 80 in this category indicates a recession in the upcoming year.
Peterson highlighted that the decline in confidence was widespread across income groups, except for households earning less than $15,000 and those e ...
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