Consumer Confidence Roars Back in February
The Conference Board has released its monthly report on consumer confidence for the month of February. This represents a major recovery to 69.6%. This is not only way above estimates, but it erases what was a dismal trough in January.
Bloomberg had expectations of 61%, versus 58.6% in January, with a range offered of 58.0% to as high as 66.5%. Dow Jones was calling for a reading at 62.0%. Keep in mind that this report was on the heels of last month's major drop of 8.1 points, which was also the lowest level since 2011 during the debt ceiling fiasco. This is also a February number so it is more current than many of the other economic reports we have seen.
The Present Situation Index increased to 63.3 from 56.2. The Expectations Index improved to 73.8 from 59.9 last month.
The key comment to take away from the Conference Board report is: "… rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated. Consumers' assessment of current business and labor market conditions is more positive than last month."
Filed under: 24/7 Wall St. Wire, Economy Tagged: featured