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U.S. consumer sentiment drops to more than 10-year low in February

by Mike Robinson

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© Reuters. FILE PHOTO – A woman is seen carrying Nike bags in the Citadel Outlet mall as the global coronavirus epidemic (COVID-19), continues. This was Commerce, California, U.S.A, December 3, 2020. REUTERS/Lucy Nicholson/File photo/File photo

WASHINGTON, (Reuters) – U.S. consumer confidence fell in February to the lowest point in over ten years amid rising inflation expectations. A survey on Friday showed that this was true.

According to the University of Michigan, its preliminary index of consumer sentiment dropped to 61.7 during the first half of the month. This is the lowest reading since January 2011, when it was 67.2.

Reuters polled economists and predicted that the index would rise to 67.5. From 72.0 in January, the survey’s measure of economic conditions dropped to 68.5. From 64.1 in Jan, its measure of consumer expectation fell to 57.4 (from 72.0).

According to the survey, one-year inflation expectancies rose to 5.0% from 4.9% in 2008. However, its 5-to-10 year inflation outlook stayed steady at 3.1%.

According to the government, consumer prices saw their biggest annual rise in forty years during January.

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