Consumer Sentiment Edges Down in February

Ann Arbor, MI, Feb. 12, 2010--Consumer sentiment fell in early February, according to the Reuters/University of Michigan Surveys of Consumers.

The preliminary index of sentiment for February was 73.7, down from 74.4 in late January but up from 56.3 a year ago.

The reading fell short of analysts' median expectation of a reading of 75.0.

The survey's gauge of current economic conditions was 84.1 in early February, the highest since March 2008. It was up from 81.1 in late January and above the 81.4 predicted by analysts polled by Reuters.

But the survey's barometer of consumer expectations dipped to 66.9, down from 70.1 in late January and short of the 70.9 forecast by analysts.

"Few consumers anticipated any significant declines in the jobless rate any time soon, and the majority expected recurrent economic weaknesses over the next several years," Richard Curtin, director of the surveys, said in a statement.