U.S. consumer confidence drops in February

U.S. consumer confidence fell for the second straight month in February, indicating Americans’ jitters about the economy amid surging inflation and high interest rates.

The Conference Board reported Tuesday that its Consumer Confidence Index now stands at 102.9, down from 106.0 in January.

“Consumer confidence declined again in February. The decrease reflected large drops in confidence for households aged 35 to 54 and for households earning 35,000 (U.S. dollars) or more,” said Ataman Ozyildirim, senior director of economics at The Conference Board.

The company’s Present Situation Index, based on consumers’ assessment of current business and labor market conditions, increased to 152.8 from 151.1 last month.

The company’s Expectations Index, which is based on consumers’ short-term outlook for income, business, and labor market conditions, also came out on Tuesday. The indicator fell further to 69.7 from a downwardly revised 76.0 in January. ■

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