The Magazine for Asian Investors
The University of Michigan’s Consumer Sentiment Index fell to 62.8 in February from 67.2 in January but was still above the initial reading of 61.7.
Sentiment indices were weighed down by rising inflation concerns and the interest rate hike by the U.S. Federal Reserve (Fed).
The U.S. Consumer Sentiment Index is a survey of consumer confidence in the economy, covering topics such as personal finances, inflation, unemployment, interest rates, and government policy.
In addition, the U.S. pending home sales index fell for the third time in January.
The National Association of Realtors (NAR) announced that its pending home sales index fell 5.7% in January to 109.5, the third consecutive decline.
Year-on-year, the index fell 9.5 percent in January.
Home sales were impacted by low inventory levels, rising home prices and rising mortgage rates.
The Pending Home Sales Contract Index is a measure of the number of signed but not yet closed sales contracts for used real estate. It usually takes about 1-2 months for a contract to be signed and the sale to be completed.