Lowest level since August 2020 – economists had expected an increase
The consumer climate in the USA surprisingly clouded over in February. The consumer confidence surveyed by the University of Michigan fell from the previous month by 2.8 points to 76.2 points, as the university announced on Friday according to an initial survey. That is the lowest level since August 2020. Economists, however, had expected an increase to 80.9 points.
Consumer expectations have deteriorated noticeably. The assessment of the current situation clouded over only slightly. Consumers also expect inflation to rise.
The University of Michigan indicator is a measure of the purchasing behavior of American consumers. It is based on a telephone survey of around 500 households. Questions are asked about the financial and economic assessment of the situation as well as the corresponding expectations.