By Paul Wiseman
AP Economics Writer
WASHINGTON (AP) — American consumers lost a little confidence this month amid worries that slowing economic growth will hurt the job market, the University of Michigan says.
The university said last Friday that its consumer sentiment index slipped to 91.7 in February from January’s reading of 92. A year ago, the index stood at 95.4.
Consumers’ assessment of current economic conditions was a bit higher than last month. But their outlook dimmed.
Richard Curtin, chief economist of the university’s surveys, said the dip was unlikely to signal a drop in consumer spending. In fact, the Commerce Department reported last Friday that consumer spending rose last month at the fastest pace since May.
Curtin said the Michigan survey found that consumers’ confidence about prospects for their own finances improved to the highest level in a decade. Having endured modest wage gains for years, consumers expect to see an increase in their inflation-adjusted earnings over the next year.
Still, Americans are worried about a slowdown in U.S. economic growth, Curtin said.
The Commerce Department reported last Friday that the economy grew at an annual pace of just 1 percent from October through December, down from 2 percent in the third
quarter of 2015. Still, the revised fourth-quarter expansion was an improvement over an initial estimate of 0.7 percent.
Another measure of consumers’ spirits — the Conference Board’s consumer confidence index — fell in February to the lowest level in seventh months, the business research group reported last Tuesday. Americans were worried about the economic slowdown and a big drop in the stock market.
- Posted March 01, 2016
- Tweet This | Share on Facebook
Consumer sentiment slips in February, economist says
headlines Oakland County
- Annual Dinner & Meeting
- FORCE Team arrests six in prolific auto theft ring
- Michigan allocates $12 million to support community-based organizations in advancing environmental and climate justice
- Oakland County and SMART launch pilot program providing free transit for veterans and dependents
- Supreme Court sides with the Consumer Financial Protection Bureau
headlines National
- More lawyers—and clients—want to learn about sustainable development practices
- Top artificial intelligence insurance tips for lawyers
- Lawyer charged with illegally transmitting Michigan data after 2020 election
- Viral video shows former Rikers Island inmate as she learns she passed bar exam on first try
- How Sullivan & Cromwell is scrutinizing potential new hires after campus protests
- No separate hearing required when police seize cars loaned to drivers accused of drug crimes, SCOTUS rules