Consumer confidence slumped in February amid recession concerns

Originally Published: 28 FEB 23 10:14 ET
Updated: 28 FEB 23 10:18 ET

(CNN) — American consumers felt much worse about the US economy in February amid rising interest rates and concerns about a potential recession, according to the latest survey data released Tuesday by the Conference Board.

The business research group’s consumer confidence index fell to 102.9 in February from a downwardly revised 106 the month before.

Economists were expecting the headline index to measure 108.5, according to Refinitiv consensus estimates.

The Conference Board’s confidence index and the University of Michigan’s twice-a-month consumer sentiment index are two leading gauges of consumers’ attitudes toward the current and future strength of the economy. Although the two indexes typically track similarly over time, the consumer confidence index is more influenced by employment and labor market conditions, while the Michigan sentiment index has a greater emphasis on household finances and the impact of inflation.

This story is developing and will be updated.

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