US consumer confidence edges past forecasts in February, University of Michigan says

Consumer confidence in the US improved for a third consecutive month, boosted by an improved short-run outlook for the economy, the results of a closely followed survey revealed.

The University of Michigan's headline consumer confidence index for the end of February edged up to 67.0 points, against a preliminary print of 66.4 and 64.9 points at the end of January.

"Consumers with larger stock holdings exhibited particularly large increases in sentiment," survey director Joanne Hsu said.

"Overall, February’s reading was supported by a 12% improvement in the short-run economic outlook, while all other index components were essentially unchanged."

A sub-index linked to consumers' expectations rose from 62.7 at the end of January to 64.7.

The sub-index tracking current economic conditions rose from 68.4 to 70.7.

Inflation expectations one year ahead however increased by a tad less than first thought, from 3.9% to 4.1% (Preliminary: 4.2%).

Long-run expectations for prices meanwhile were steady at 2.9%.