The Conference Board has released its monthly report on consumer confidence for the month of February. This represents a major recovery to 69.6%. This is not only way above estimates, but it erases what was a dismal trough in January.
Bloomberg had expectations of 61%, versus 58.6% in January, with a range offered of 58.0% to as high as 66.5%. Dow Jones was calling for a reading at 62.0%. Keep in mind that this report was on the heels of last month’s major drop of 8.1 points, which was also the lowest level since 2011 during the debt ceiling fiasco. This is also a February number so it is more current than many of the other economic reports we have seen.
The Present Situation Index increased to 63.3 from 56.2. The Expectations Index improved to 73.8 from 59.9 last month.
The key comment to take away from the Conference Board report is: “… rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated. Consumers’ assessment of current business and labor market conditions is more positive than last month.”
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
