2/12, 4:00 PM (Source: TeleTrader)
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US consumer confidence drops in February

Consumer confidence in the United States worsened in February, the University of Michigan said in its latest preliminary survey published on Friday. The consumer sentiment index dived 3.5% on a monthly level, to land at 76.2. Compared to February 2020, the index tumbled 24.6%.

Current economic conditions slid 0.6% on a monthly basis, and plunged 24.9% year-on-year, to land at 86.2, while the index of consumer expectations dwindled 5.7% compared to the previous month's figure, to come in at 69.8. In comparison to the year prior, the level represents a 24.2% plummet.

"Consumer sentiment edged downward in early February, with the entire loss concentrated in the Expectation Index and among households with incomes below $75,000. Households with incomes in the bottom third reported significant setbacks in their current finances, with fewer of these households mentioning recent income gains than anytime since 2014," the report concluded.

Breaking the News / BU