Consumer confidence took a hit in February. According to The Conference Board, the non-partisan nonprofit which administers the monthly Consumer Confidence Survey, consumer confidence registered the largest monthly decline since August 2021. Reflecting the third consecutive month-on-month decline, consumer views of current labor market conditions weakened, consumers are pessimistic about future business conditions, and less optimistic about future income. Pessimism about future employment prospects worsened and reached a ten-month high. The University of Michigan monthly Consumer Sentiment Index reflected that consumers expect prices for goods will continue to rise and inflation will continue to hamper big-ticket purchases.
