Consumer confidence in the United States fell more than expected in February, according to the Conference Board, an economic research institute. The institute reported that its consumer confidence index dropped to 102.9, down from 106.0 in January, marking a 3.1% decline.
The survey revealed that consumer confidence fell sharply among individuals aged between 35 and 54 years old and households with incomes exceeding $35,000. Moreover, the survey showed that consumers expect inflation to hit 6.3% over the next year, down from the 6.7% recorded in January.
The US Consumer Confidence Index is a widely followed gauge of consumer sentiment. It provides a snapshot of how consumers feel about the current economic conditions, their financial situations, and their expectations for the next six months. The index is considered a crucial indicator of the health of the US economy, as consumer spending accounts for a significant portion of economic activity.