Consumer Confidence Edges Up to 130.4; Below Expectations
2/25 9:25 AM
Consumer Confidence Edges Up to 130.4; Below Expectations WASHINGTON, D.C. (DTN) -- The Conference Board's closely watched Consumer Confidence Index edged 0.3% higher in February to 130.4, while well below market expectations for a 132.5 reading. After a series of flat readings in the final quarter 2019, U.S. consumer confidence index showed signs of a continued recovery this month, primarily driven by consumers' positive assessment of labor market. "Consumer confidence improved slightly in February, following an increase in January," said Lynn Franco, Senior Director of Economic Indicators. "Despite the decline in the Present Situation Index, consumers continue to view current conditions quite favorably. Consumers' short-term expectations improved, and when coupled with solid employment growth, should be enough to continue to support spending and economic growth in the near term." In response to the neutral reading, U.S. dollar declined marginally to 99.190 in midmorning index trade, while West Texas Intermediate futures moved down $0.44 to near $50.99 bbl. NYMEX RBOB futures dropped 2.46cts to near 1-1/2 week low at $1.5845 gallon. Liubov Georges, 1.646.359.4088,, (c) 2020 DTN. All rights reserved.
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