US consumer confidence falls more than expected in February
US consumer confidence fell more than anticipated in February as expectations for future economic conditions weakened, a widely-followed survey showed on Friday.
The University of Michigan’s preliminary estimate for its consumer sentiment index came to 95.7 in February, down from 98.5 in January and compared to economists’ forecasts of 97.8.
The current economic conditions sentiment index was little changed at 111.2 from a reading of 111.3 in the prior month.
The barometer measuring Americans’ expectations of future economic conditions fell to a three-month low of 85.7 from 90.3.
"The decline in the University of Michigan measure of consumer confidence in February probably just represents some payback after the surge seen in the aftermath of Donald Trump’s election victory in November," said Andrew Hunter, US economist at Capital Economics.
"In any case, the index remains at a very high level by historic standards (only five higher readings in the past decade) and still suggests that consumer spending growth is set to accelerate."