Consumer sentiment in the U.S. pulled back by less than initially estimated in the month of February, according to a report released by the University of Michigan on Friday.
The report said the consumer sentiment index for February was upwardly revised to 96.3 from a preliminary reading of 95.7. Economists had expected the index to be upwardly revised to 96.0.
Despite the upward revision, the index was still below the final January reading of 98.5, which represented a thirteen-year high.
"While consumer confidence edged upward in late February, it remained slightly below the decade peak recorded in January," said Richard Curtin, the survey's chief economist.
He added, "Overall, the Sentiment Index has been higher during the past three months than anytime since March 2004."
The index of consumer expectations dropped to 86.5 in February from 90.3 in January, although the current economic conditions index inched up to 111.5 from 111.3.
On the inflation front, one-year inflation expectations rose to 2.7 percent in February from 2.6 percent in January, while five-year inflation expectations dipped to 2.5 percent from 2.6 percent.
by RTT Staff Writer
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