Consumer sentiment in US fell more than expected in February, dropping from an 11-year high on concerns about wage growth, a survey released on Friday showed.
The University of Michigan’s preliminary February reading on the overall index on consumer sentiment came in at 93.6, below the final January read of 98.1. It was below the median forecast of 98.1 among economists polled by Reuters.
“Although confidence reversed the January gain, returning to the December level, the Sentiment Index was still higher than any other time since January 2007,” said Richard Curtin, the survey’s director.
The survey’s barometer of current economic conditions fell to 103.1 from 109.3, below a forecast of 110. The survey’s gauge of consumer expectations slipped to 87.5 from 91, below an expected 92.2. The survey’s one-year inflation expectation was 2.8 percent, compared with 2.5 percent in January.