empty
 
 

2021.02.2615:01:00UTC+00U.S. Consumer Sentiment Drops Less Than Initially Estimated In February

Revised data released by the University of Michigan on Friday showed U.S. consumer sentiment deteriorated by slightly less than initially estimated in the month of February.

The report showed the consumer sentiment index for February was upwardly revised to 76.8 from the initial estimate of 76.2.

The revised reading came in above economist estimates of 76.5 but was still below the final January reading of 79.0.

"All of February's loss was due to households with incomes below $75,000, with the declines mainly concentrated in future economic prospects," said Surveys of Consumers chief economist Richard Curtin.

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."

The report showed the index of consumer expectations slid to 70.7 in February from 74.0 in January, while the current economic conditions index edged down to 86.2 from 86.7.

On the inflation front, one-year inflation expected jumped to 3.3 percent in February from 3.0 percent in January. Five-year inflation expectations were unchanged at 2.7 percent.

"While consumers clearly anticipate a spurt in inflation in the year ahead, the overall evidence does not indicate the emergence of an inflationary psychology that makes the expectation of inflation a self-fulfilling prophecy," Curtin said.

Meanwhile, a report released by the Conference Board on Tuesday showed consumer confidence in the U.S. improved more than expected in the month of February.

The Conference Board said its consumer confidence index rose to 91.3 in February from a downwardly revised 88.9 in January.

Economists had expected the consumer confidence index to inch up to 90.0 from the 89.3 originally reported for the previous month.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback