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- U.S. consumer sentiment slightly better than initially estimated in February
U.S. consumer sentiment slightly better than initially estimated in February
The final
reading for the February Reuters/Michigan index of consumer sentiment came in
at 76.8 compared to a preliminary reading of 76.2 and the January final reading
of 79.0. This was the lowest reading since August.
Economists had
forecast the index to be revised to 76.5.
According to
the report, the index of consumer expectations fell 4.5 percent m-o-m to 70.7
from January’s final reading of 74.0, while the index of the current economic
conditions decreased 0.6 percent m-o-m to 86.2 from January’s final reading of 86.7.
“Despite a
small gain in late February, consumer sentiment was slightly lower for the
entire month than in January,” noted
Richard Curtin, the Surveys of Consumers chief economist. “All of February's
loss was due to households with incomes below $75,000, with the declines mainly
concentrated in future economic prospects,” he added. “The worst of the
pandemic may be nearing its end, but few consumers anticipate the type of
persistent and robust economic growth that restores employment conditions to
the very positive pre-pandemic levels.”
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