Consumer Sentiment Dips in February

Ann Arbor, MI, Feb. 26, 2010--Consumer sentiment was weaker in February, according to the Thomson Reuters/University of Michigan's Surveys of Consumers.

"Consumers have been getting more impatient with the slow progress of the stimulus program, and confidence in the Obama administration's economic policies has begun to wane," Richard Curtin, director of the surveys, said in a statement.

The survey's overall index of consumer sentiment was at 73.6 in February, down from 74.4 in January and below the 74.0 forecast by analysts polled by Reuters. The preliminary February reading was 73.7.

The gauge of current economic conditions was at 81.8 for the month, up from January's reading of 81.1.

Consumer expectations weakened to 68.4 in February from 70.1 in January. It fell short of the 69.9 forecast by analyst but it did improve from the preliminary figure of 66.9.

The index of consumers' 12-month economic outlook fell to 80 from 84 in January, but it was up from 79 in early February.