Consumer Confidence Nears 15-Year Low
The Conference Board’s Consumer Confidence Index, down in January, fell sharply in February, nearing a 15-year low. The Index now stands at 75.0 points (1985=100), down from 87.3 in January, as the Present Situation Index dropped 13.7 points to 100.6 and the Expectations Index declined 11.4 points to a monthly score of 57.9 points.
The 12.3-point decline in the Consumer Confidence Index was the largest change in the Index in more than a year. February also marks the third consecutive month of Index declines.
Six-month buying plans results were mixed, with February figures showing 2.7 percent of consumers planning to buy a home, up from 2.5 percent in January and auto-buying intentions decreasing to 5.4 percent of consumers from 6.7 percent last month.