[FoxBusiness] U.S. consumer confidence plunged to an 11-year low in early February, reflecting heightened concerns among Americans about hotter-than-expected inflation and the skyrocketing price of everyday goods.
The University of Michigan's consumer sentiment index fell to 61.7 in February; down sharply from the January reading of 67.2 and well below economists' forecast for a reading of 67.5.
| context; index was near 130 in the 1998-99 boom and the 2018-19 boom |
"Sentiment continued its downward descent, reaching its worst level in a decade, falling a stunning 8.2% from last month and 19.7% from last February," Richard Curtin, the survey's chief economist, said in a statement. "The recent declines have been driven by weakening personal financial prospects, largely due to rising inflation, less confidence in the government's economic policies, and the least favorable long term economic outlook in a decade." |