U.S. consumer confidence unexpectedly fell in February, with the decrease concentrated among lower-middle-income households, though Americans grew more upbeat about the labor market.
There were also decreases among other income groups, with the exception of the $25,000-$34,999 income bracket. Confidence dropped among consumers in the 35-54 age group.
"We are more inclined to take signals from the University of Michigan index, particularly on the path of consumer spending in the months ahead, as it has historically been a more-reliable indicator of future consumer spending trends," said Colin Johanson, an economist at Barclays in New York.in January, driven by a surge in wage gains.
Consumers' 12-month inflation expectations fell to 6.3% from 6.7% last month. With price pressures still strong, fewer consumers planned big-ticket purchases and travel over the next six months. They were also less enthusiastic about buying a home, especially with mortgage rates resuming their ascent.
The slowdown was centered in the West, where annual house prices rose 1.2%. Prices fell in Francisco and Seattle, but rose moderately in Portland. Price growth remained strong in the South, with double-digit gains in Miami, Tampa and Atlanta.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HBO Max Schedule February 27-March 5: New TV & MoviesAll three The Expendables movies are part of the HBO Max schedule for February 27-March 5, among other things.
Read more »
Dragon Ball Super CG Value Watch: Ultimate Squad In February 2023In this month's Value Watch for DragonBallSuper Card Game: UltimateSquad, we watch the Son Gohan and Piccolo chase card to see if this SCR will drop. DragonBall DBSCG
Read more »
Disney+ Schedule February 27-March 5: New TV & MoviesDin Djarin and Grogu are back with new adventures as part of the Disney+ schedule for February 27-March 5.
Read more »
Gatekeeper: Eclipse Will Now Release On February 27thAfter being pushed back from January, GatekeeperEclipse now has a new release date for Steam, happening tomorrow. indiedev indiegame
Read more »
After 10 years of being a trainee, Bella to debut with 'Juice' on February 28 | allkpopBella will make her debut in the industry after a 10-year-long trainee life.Bella will release her debut song 'Juice' at 12 PM KST …
Read more »
San Diego's Weather Forecast for February 27, 2023: More rain & snow into the new workweek10NEWS FORECAST 🌦 The next storm is a weaker one with the chance for a few showers by Monday afternoon becoming more widespread early Tuesday morning, likely leading to a slow commute.
Read more »