Ann Arbor, MI, February 17, 2006--Consumer sentiment eased in early February as gasoline prices rose, according to media reports Friday of proprietary research from the University of Michigan.
The University 0f Micgigan sentiment index fell to 87.4 in February from 91.2 in January, reports said.
Some experts use consumer confidence readings as indicators of future spending patterns. Because consumer spending accounts for about two thirds of U.S. overall economic activity, consumer confidence scores are regarded by some as indicators of economic strength.
Economists were expecting a flat reading of around 91.1.
The current conditions index fell to 107.7 from 110.3, while the expectations index dropped to 74.4 from 78.9.
All three gauges are at their lowest levels since November.
