New York, NY, February 28, 2006--Consumer confidence ended a three-month gaining streak in February, falling to 101.7 from a revised January level of 106.8, the Conference Board said Tuesday.
Economists were expecting consumer confidence to fall to 103.9 after hitting a previously estimated 106.3 in January.
January's was the highest level since June 2002, beating the previous peak of 106.2 hit in June 2005.
The expectations index fell to its lowest level since March 2003, to 83.3 in February from 92.1 in January. The index measures confidence about the future of the economy in the near term.
Conference Board consumer research director Lynn Franco said the full report could suggest a worsening outlook for 2006. If expectations continue to lose ground, the outlook for the remainder of 2006 could deteriorate."
The present situation index rose to 129.3 in February from 128.8 in January. It's a four-and-a-half-year high.
Consumers are more optimistic about current conditions. Those saying conditions are "good" rose to 26.2% from 25.9%. Those claiming conditions are "bad" fell slightly to 15.5% to 15.9%, the Conference Board said.
