Consumer confidence took a turn for the worse in February with a sharp rise in pessimism about economic conditions in the months ahead.
The Conference Board said its index of consumer sentiment fell to 102.9 in February from a downwardly revised January reading of 106.0, Economists had forecast an increase to 108.5 after the initial January reading of 107.1.measure of consumers’ assessment of current business and labor market conditions actually improved to 152.8 from 151.1 last month as a rising share who said jobs were plentiful offset a deteriorating view of current business conditions.
Readings below 80 on the expectations barometer often signal a recession within the next year. Expectations have been below that level for 11 of the last 12 months.
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