Following a confident January, consumers backed down in February as the Conference Board’s Consumer Confidence Index sank to 87.3, almost nine points below the level of January, the National Federation of Independent Business reported.
Consumers began the year optimistic but the positive turned to caution over the past month, according to Lynn Franco, director of the Conference Board’s Consumer Research Center, in a release.
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“Consumers remain disheartened with current economic conditions, and at the core of their disenchantment is the labor market,” Franco said in an NFIB report.
Just over 19 percent of the individuals surveyed last month said that current business conditions are good, while 25.1 percent said that current conditions are bad, a 2 percent increase since January, the NFIB reported.
