CB Consumer Confidence Falls to 106.7 in February, Below Analyst Expectations

Highlights

• The CB Consumer Confidence dropped from 114.8 in January to 106.7 in February.
• The Present Situation Index saw a decrease from 154.9 to 147.2.
• The Expectations Index pulled back from 81.5 to 79.8.  

On February 27, 2024, The Conference Board published the CB Consumer Confidence report for February, revealing a decline in consumer confidence from 114.8 in January to 106.7 in February, falling below analysts' consensus of 115.

The Present Situation Index reduced from 154.9 in January to 147.2 in February, and the Expectations Index also decreased from 81.5 to 79.8. Readings below 80 in the Expectations Index often indicate a forthcoming recession.

In response, The Conference Board noted that consumers were less concerned about food and gas prices, which had eased in recent months, but were more worried about the labor market and the U.S. political environment.

Following the release of the report, the U.S. Dollar Index settled above the 103.80 level, with the weaker-than-expected report potentially applying pressure on the American currency. Meanwhile, gold remained around the $2035 level, supported by central banks' purchases. The SP500 closed near the 5070 level as traders focused on tech stock dynamics, with the potential impact of the CB Consumer Confidence report on the equity market remaining to be seen.