U.S. consumer confidence dropped slightly in February to 110.5 from 111.1 as consumers remained somewhat concerned about the outlook of the economy in the upcoming months.
- The present situation index, which tracks consumers’ assessment of current business and labor market conditions, improved to 145.1 from 144.5 the previous month.
- Lynn Franco, Senior Director of Economic Indicators at The Conference Board stated that the present situation edged upwards, signaling the economy continued to expand in Q1 but did not gain momentum.
- Franco further stated that the expectations about the short-growth forecast dropped further, signaling a likely moderation in growth over the first half of 2022.
- Consumers had mixed reactions about the current conditions in February, with 18.7% of consumers stating the business conditions were good and 24.7% stating the conditions were bad.
Consumers’ outlook of the labor market was also mixed with consumers reporting that jobs were plentiful falling from 55.0% to 53.8%. 11.8% of the consumers stated that jobs were hard to get, down from 12.0%
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Source: The Conference Board.