Consumer confidence fell in February but not as much as expected, according to the Conference Board’s Consumer Confidence Index…(Conference Board)
- M-O-M: The Consumer Confidence Index fell 0.6 to 110.5 in February.
- Y-O-Y: The Consumer Confidence Index is still up almost 20 points from last year when it reported an index of 91.3.
NOTE: Economists had projected a slightly bigger drop to 110.0.
Lynn Franco, Senior Director of Economic Indicators at The Conference Board, noted that consumer confidence remains elevated despite rising inflation concerns…
- “Concerns about inflation rose again in February, after posting back-to-back declines. Despite this reversal, consumers remain relatively confident about short-term growth prospects. While they do not expect the economy to pick up steam in the near future, they also do not foresee conditions worsening. Nevertheless, confidence and consumer spending will continue to face headwinds from rising prices in the coming months.”
The present situation index continues to remain strong as it increased in February to 145.1. However, the expectations index declined, again, to 87.5