US consumer confidence falls in February for 2nd consecutive month

Consumers may be showing early signs of pulling back on spending in face of high prices, rising interest rates, says economist

By Ovunc Kutlu

ISTANBUL (AA) - US consumer confidence fell in February for the second consecutive month, according to data released Tuesday by The Conference Board.

The Consumer Confidence Index, a leading indicator of consumer spending and economic activity, fell 3.1 points to 102.9, down from 106.0 in January, the New York-based global research group said in a report.

The expectation was for the index to come in at 108.5.

Consumer confidence soared 6.9 points to reach 108.3 in December -- its highest since April.

Ataman Ozyildirim, senior director of economics at The Conference Board, said consumers' view of current business conditions worsened in February, adding the outlook appears "considerably pessimistic" when looking ahead.

"Expectations for where jobs, incomes, and business conditions are headed over the next six months all fell sharply in February," he said.

While the 12-month inflation expectations improved, falling to 6.3% from 6.7% last month, "consumers may be showing early signs of pulling back spending in the face of high prices and rising interest rates," added Ozyildirim.

Kaynak:

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