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USA | Feb 28, 2023

US consumer confidence ebbs in February

/ Our Today

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WASHINGTON (Reuters)

United States (US) consumer confidence declined again in February, with the decrease concentrated among households making an annual income of US$35,000 or more, though Americans grew more upbeat about the labour market, a survey showed on Tuesday.

The Conference Board said its consumer confidence index slipped to 102.9 this month from 106.0 in January. Economists polled by Reuters had forecast the index at 108.5. The survey places more emphasis on the labour market, which remains tight.

“The decrease reflected large drops in confidence for households aged 35 to 54 and for households earning US$35,000 or more,” said Ataman Ozyildirim, senior director of Economics at The Conference Board.

The share of consumer viewing jobs as “plentiful” increased back to levels seen in the spring of last year. Consumers’ 12-month inflation expectations fell to 6.3 per cent from 6.7 per cent last month.

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