Consumers confidence fell in February to the lowest level in seven months, as American became a bit more pessimistic about job prospects and business conditions. Big losses in the stock market in early 2016 also added to the anxiety.
The consumer confidence index dropped to 92.2 from a revised 97.8 in January, the Conference Board said Tuesday. Economists polled by MarketWatch had expected a smaller decline to 96.9.
“Consumers’ short-term outlook grew more pessimistic, with consumers expressing greater apprehension about business conditions, their personal financial situation, and to a lesser degree, labor market prospects,†said Lynn Franco, director of economic indicators at the board.
Last fall, confidence effectively matched a post-recession high as the index hit 102.6 before tapering off. But it still falls short of the 111.9 peak reached during the 2001-2007 expansion, and it’s well below an all-time high of 144.7 achieved in mid-2000.
