US Consumer Confidence Drops on More Pessimistic Outlook
- The Conference Board index decreased to 102.9 in February
- Measure of expectations fell to 69.7, the lowest since July
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US consumer confidence unexpectedly declined in February, as rising prices and deepening concerns about the outlook outweighed the near-term strength of the labor market.
The Conference Board’s index decreased to 102.9 from a 106 reading in January, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for the gauge to rise to 108.5.