By Mucahithan Avcioglu
ISTANBUL (AA) - Consumer confidence in the US posted its biggest monthly decline in February since August 2021, according to data released Tuesday by The Conference Board.
The index fell 7 points to 98.3, well below estimates of 102.7.
Based on consumers' evaluations of the state of the labor and business markets, the present situation index fell 3.4 points to 136.5.
Meanwhile, the expectations index, which gauges consumers' immediate expectations for business, the labor market and income circumstances, fell 9.3 points to 72.9.
The expectations index fell below 80 -- that typically indicates an impending recession for the first time since last June, according to a statement.
“In February, consumer confidence registered the largest monthly decline since August 2021,” said Stephanie Guichard, senior economist, Global Indicators at The Conference Board.
“This is the third consecutive month on month decline, bringing the Index to the bottom of the range that has prevailed since 2022. Of the five components of the Index, only consumers’ assessment of present business conditions improved, albeit slightly. Views of current labor market conditions weakened.
"There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019. Most notably, comments on the current administration and its policies dominated the responses," she added.