Consumer Confidence Unexpectedly Falls

In February, consumer confidence fell sharply with an increase in pessimism over economic conditions in the months ahead.

According to the Conference Board, its index of consumer sentiment dropped to 102.9 in February after a downwardly revised January reading 106.0. Economists had predicted an increase to 108.5 following the January reading 107.1.

Actually, the measure of consumers’ assessment of current employment and labor market conditions improved to 152.8 last month from 151.1. This was due to a growing share of those who felt that jobs were plentiful outweighing a decreasing view of current economic conditions.

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