- Posted March 01, 2016
- Tweet This | Share on Facebook
Consumer sentiment slips in February, economist says
![](/Content/LegalNews/images/article_db_image1.jpg)
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.
Published: Tue, Mar 01, 2016
headlines Oakland County
headlines National
- Michelle Behnke looks to build community and strengthen the ABA with new strategic plan
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- New research about legal operations is ‘at a crossroads,’ consortium leaders say
- You were probably not taught to market yourself; now what?
- Which BigLaw firms pay the highest starting salary?
- Netflix’s true-crime documentary about woman stalking man flows like book you can’t put down