The Consumer Confidence Index was 98.3 in February, down seven points from the previous month, the Conference Board said. The present situation index — based on consumers’ assessment of current business and labor market conditions — fell 3.4 points to 136.5. The expectations index — based on consumers’ short-term outlook for income, business and labor market conditions — dropped 9.3 points to 72.9.
“In February, consumer confidence registered the largest monthly decline since August 2021,” said Stephanie Guichard, senior economist, global indicators, at the Conference Board. “This is the third consecutive month-on-month decline, bringing the Index to the bottom of the range that has prevailed since 2022. Of the five components of the Index, only consumers’ assessment of present business conditions improved, albeit slightly. Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income. Pessimism about future employment prospects worsened and reached a ten-month high.”
