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- U.S. consumer sentiment index unexpectedly declines in early February
U.S. consumer sentiment index unexpectedly declines in early February
A report from
the University of Michigan revealed on Friday the preliminary reading for the
Reuters/Michigan index of consumer sentiment decreased 3.5 percent m-o-m to 76.2
in early February. This was the lowest reading since August 2020.
Economists had
expected the index would increase to 80.8 this month from January’s final
reading of 79.0.
According to
the report, the index of current U.S. economic conditions decreased 0.6 percent
m-o-m to 86.2 in February from 86.7 in the previous month. Meanwhile, the index
of consumer expectations plunged 5.7 percent m-o-m to 69.8 this month from 74.0
in January.
“Consumer
sentiment edged downward in early February, with the entire loss concentrated
in the Expectation Index and among households with incomes below $75,000,”
noted Surveys of Consumers chief economist, Richard Curtin. “More surprising
was the finding that consumers, despite the expected passage of a massive
stimulus bill, viewed prospects for the national economy less favorably in
early February than last month,” he added.
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