Consumer confidence near long-term average in February, U Michigan says

Consumer confidence held near its long-term average last month, the results of a closely-followed survey showed.

The University of Michigan's consumer confidence index dipped from a reading of 79.0 for January to 76.9 in February.

Economists had forecast a reading of 79.6.

Nonetheless, according to the survey compiler, sentiment was still only eight points shy of its average level since 1978.

A sub-index linked to views on current economic conditions slipped from 81.9 to 79.4, while that tracking consumers' expectations went from 77.1 to 75.2.

The university further noted how expected business conditions over the short-run were 63% above their November 2023 levels, while those for the long-run were ahead by 46%.

Preliminary readings for inflation expectations one-year ahead and for the long-run were confirmed at 3.0% and 2.9%, respectively.

That compared to readings of 2.9% in January for both short and long-term price expectations.

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