US consumer confidence steady in February

16th Feb 2024 14:33

(Sharecast News) - Consumer confidence in the U.S. was little changed in early February, albeit after two months of large gains, the results of a closely-followed survey revealed.

Preliminary results for the University of Michigan's consumer confidence index saw it print at 79.6 in February, versus a reading of 79.0 for January.

Economists had penciled-in a reading of 80.0.

"The fact that sentiment lost no ground this month suggests that consumers continue to feel more assured about the economy, confirming the considerable improvements in December and January across various aspects of the economy," said Joanne Hsu, the survey's director.

"Consumers continued to express confidence that the slowdown in inflation and strength in labor markets would continue."

Inflation expectations were also little changed.

Expectations for prices one year ahead ticked up by one tenth of a percentage point to 3.0%.

However, for a second month running they remained within the 2.3-3.0% range that had been in place in the two years before the pandemic.

Long-run expectations meanwhile were steady at 2.9%, for a third straight month.

During the two years before Covid-19 they had been at 2.2-2.6%.