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U.S. Consumer Sentiment Remained Subdued in Late February -- University of Michigan
U.S. Consumer Sentiment Remained Subdued in Late February -- University of Michigan
Published: Feb. 25, 2022 at 10:17 a.m. ET
By Xavier Fontdegloria
Consumer sentiment in the U.S. edged up slightly at the end of February but stayed at decade-low levels amid high inflation and dim expectations for the economy, according to data published Friday.
The final reading of the index of consumer sentiment compiled by the University of Michigan stood at 62.8 in February, up from the preliminary estimate of 61.7 but below the 67.2 registered in January. ... Economists polled by The Wall Street Journal expected sentiment to remain unchanged from the preliminary reading.
February's decline in confidence was driven by inflationary declines in personal finances, a near universal awareness of rising interest rates, falling confidence in the government's economic policies, and the most negative long-term prospects for the economy in the past decade, said Richard Curtin, the survey's chief economist.
The financial harm and growing angst among consumers about rising inflation have pushed nearly nine-in-10 consumers to anticipate interest rate increases, he said.
{snip}
Published: Feb. 25, 2022 at 10:17 a.m. ET
By Xavier Fontdegloria
Consumer sentiment in the U.S. edged up slightly at the end of February but stayed at decade-low levels amid high inflation and dim expectations for the economy, according to data published Friday.
The final reading of the index of consumer sentiment compiled by the University of Michigan stood at 62.8 in February, up from the preliminary estimate of 61.7 but below the 67.2 registered in January. ... Economists polled by The Wall Street Journal expected sentiment to remain unchanged from the preliminary reading.
February's decline in confidence was driven by inflationary declines in personal finances, a near universal awareness of rising interest rates, falling confidence in the government's economic policies, and the most negative long-term prospects for the economy in the past decade, said Richard Curtin, the survey's chief economist.
The financial harm and growing angst among consumers about rising inflation have pushed nearly nine-in-10 consumers to anticipate interest rate increases, he said.
{snip}