US consumer confidence slumps in February

US consumer confidence slumped much lower than expected in February, according to data from the Conference Board.

The Consumer Confidence Index declined to 92.2 in February, having nudged higher to 97.8 in January. A fall to 97 had been forecast by economists.

The CB's index following consumers’ assessment of current conditions also declined to 112.1 from 116.6, together with the expectations index, which fell to 78.9 from 85.3.

“Consumers’ assessment of current conditions weakened, primarily due to a less favorable assessment of business conditions," said Lynn Franco, director of economic indicators at the Conference Board.

"Consumers’ short-term outlook grew more pessimistic, with consumers expressing greater apprehension about business conditions, their personal financial situation, and to a lesser degree, labor market prospects. Continued turmoil in the financial markets may be rattling consumers, but their assessment of current conditions suggests the economy will continue to expand at a moderate pace in the near-term.”