US Consumer Confidence Falls Again in February

Hypotheses Measured Against Positive Current Attitudes

NEW YORK, February 28, 2023 /PRNewswire/ — Conference Committee Consumer Confidence Index® fell in February for the second month in a row. The index now stands at 102.9 (1985=100), down from 106.0 in January (revision below). The Current Status Index-based on the consumer assessment of business conditions and current business activity-increased to 152.8 (1985=100) from 151.1 last month. The Expectation Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell to 69.7 (1985=100) from 76.0 revised in January. In particular, the Outlook Index has now fallen below 80—a level that signals a recession in the coming year. It has been below this level for 11 of the past 12 months.

Consumer confidence fell again in February. The decline reflects a decline in confidence among households aged 35 to 54 and among salaried households. $35,000 or more,” Ataman Ozyildirim, Executive Director, Economy at the Conference Board.

“While consumer sentiment and current business conditions worsened in February, the Current Situation Index is still slightly below the best view of job creation. In fact, the number of employers usage that says jobs are ‘plenty’ rose to 52.0 percent. Returning to the levels seen in the spring of last year, however, the sentiment shows uncertainty when looking ahead. Forecasting where jobs , earnings, and business conditions will be in the next six months all fell sharply in February.”

“And, while 12-month inflation is expected to improve – falling to 6.3 percent from 6.7 percent last month – consumers may be showing the first signs of holding back on spending in the face of higher prices. Many consumers are planning to buy houses or cars and they seem to have resumed their plans to buy large appliances. Also, holiday intentions decreased in February.”

Current Situation
Current user ratings business environment It worsened in February.

  • 17.8% of consumers say the business climate is “good,” down from 19.9%.
  • 17.7% said the business climate was “bad,” down from 19.0%.

User ratings labor market it is more appropriate.

  • 52.0% of users said the services were “too much,” up from 48.1%.
  • 10.5% of consumers said jobs were “hard to find,” down from 11.1%.

Expect Six Months So
Users have become more pessimistic about short term business vision in February.

  • 14.2% of consumers expect the business environment to improve, down from 18.4%.
  • Meanwhile, 21.9% expect the business environment to worsen, down from 22.6%.

Users were unhappy about short-term market outlook.

  • 14.5% of consumers expect more jobs, down from 17.7%.
  • However, 20.3% expect fewer jobs, down from 21.4%.

Users’ short time sources of income became much less upbeat.

  • 13.4% of consumers expect incomes to increase, down from 17.4% last month.
  • 11.6% expect incomes to decline, up from 13.4% last month.

The monthly Consumer Confidence Survey®, based on an online product, is conducted for Toluna Conference Board, a technology company that provides real-time consumer insights and market research through its innovative technology, expertise, and panel of over 36 million users. First result cut off date is February 22.

Source: February 2023 Customer Satisfaction Survey®
Conference Committee

The Conference Board publishes the Consumer Confidence Index® in 10 a.m. ET on the last Tuesday of every month. Subscription information and technical data for this series are available on the Conference Board website:

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SOURCE Conference Committee

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