U.S. Consumer Confidence Rises in February -- The Conference Board
By Xavier Fontdegloria
Consumer confidence in the U.S. rose in February for the second
consecutive month as Americans grew more upbeat on current business
and labor market conditions amid falling Covid-19 infections, data
from The Conference Board showed Tuesday.
The consumer confidence index increased to 91.3 in February from
a downwardly revised 88.9 in January. The reading roughly matches
economists forecasts, who polled by The Wall Street Journal
expected the indicator to come in at 91.0.
February posts the second straight rise in consumer confidence,
although the indicator has yet to meaningfully improve since its
April plunge and remains more restrained than the consumer spending
One year ago, before the pandemic hit the country, consumer
confidence stood at 132.6.
The rise in confidence was driven by an improvement of the
present situation index, which reflects consumers assessment of
current business and labor market conditions. The index climbed to
92.0 from 85.5 the previous month following three months of
"This course reversal suggests economic growth has not slowed
further," said Lynn Franco, senior director of economic indicators
at The Conference Board.
The expectations index, which gauges short-term outlook for
income, business and labor market conditions, fell marginally to
90.8 in February from 91.2 in January.
Despite the fall, consumers remain cautiously optimistic, on the
whole, about the outlook for the coming months, Ms. Franco
"Notably, vacation intentions--particularly, plans to travel
outside the U.S. and via air--saw an uptick this month, and are
poised to improve further as vaccination efforts expand," she
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(END) Dow Jones Newswires
February 23, 2021 10:33 ET (15:33 GMT)
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