The Conference Board Consumer Confidence Index, which had increased in January, fell moderately in February. The index now stands at 78.1 (1985=100), down from 79.4 in January. The decline was driven by the Expectations Index, which dropped to 75.7 from 80.8. The Present Situation Index, by contrast, climbed from 77.3 to 81.7.
Consumers’ appraisal of current conditions improved for the fourth consecutive month. Those claiming business conditions are “good” increased to 21.5% from 20.8%, while those claiming business conditions are “bad” declined to 22.6% from 23.4%. Consumers’ assessment of the labor market also improved. Those claiming jobs are “plentiful” increased to 13.9% from 12.5%, while those saying jobs are “hard to get” decreased slightly to 32.5% from 32.7%.