US Conference Board Consumer Confidence index dropped from 113.8 to 110.5 in February, above expectation of 110.2. Present Situation Index improved from 114.5 to 145.1. Expectations Index dropped from 88.8 to 87.5.
“Consumer confidence was down slightly for a second consecutive month in February,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.
“The Present Situation Index improved a touch, suggesting the economy continued to expand in Q1 but did not gain momentum. Expectations about short-term growth prospects weakened further, pointing to a likely moderation in growth over the first half of 2022. Meanwhile, the proportion of consumers planning to purchase homes, automobiles, major appliances, and vacations over the next six months all fell.”
“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.”
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