Consumer Confidence Slips in February, 2nd Straight Month

WASHINGTON — Consumer confidence dipped for the second straight month as stubborn inflation and anxiety over a potentially slowing economy weighed on Americans, according to an Associated Press report.

The Conference Board reported today (Feb. 28) that its consumer confidence index slipped to 102.9 in February, from a reading of 106 in January.

The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — ticked up to 152.8 from 151.1 last month.

The board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions — tumbled to 69.7 in February from 76 in January. A reading under 80 often signals a recession in the coming year, the Conference Board said.

Consumers have been a pillar in the U.S. economy, not ready to slow spending even as the Federal Reserve tightens its monetary policy and signals more rate hikes ahead in its effort to cool the economy and bring down persistent, four-decade high inflation. Those rate increases can raise the cost of using credit cards or taking out a loan for a house, car or other purchases.

Read the full Associated Press report.

Source: https://rvbusiness.com/consumer-confidence-slips-in-february-2nd-straight-month/