- Prior was 114.8 (revised to 110.9)
Details:
- Present situation index 147.2 vs 161.3 prior
- Expectations 79.8 vs 83.8 prior
- 1 year Inflation 5.2% vs 5.2% prior
- Jobs hard-to-get vs 9.8 prior
The report notes fewer concerns about inflation but more worries about jobs and the political situation. The one-year inflation continues to tick down but it's still a full point about where it was pre-pandemic.
Overall, there haven't been many weak US economic indicators so far in 2024 so this is a surprise. It's also a good forward-looking indicator in general but consumer confidence numbers can be skewed by politics so it could be that. It's a genuine worry and someting the Fed should take into account at the March meeting but when you zoom out and look at the chart, it's not that big of a drop.
“The decline in consumer confidence in February interrupted a three-month rise, reflecting persistent uncertainty about the US economy,” said Dana Peterson, Chief Economist at The Conference Board. “The drop in confidence was broad-based, affecting all income groups except households earning less than $15,000 and those earning more than $125,000. Confidence deteriorated for consumers under the age of 35 and those 55 and over, whereas it improved slightly for those aged 35 to 54.”
