Consumer Sentiment Survey Says Recession Likely

Ann Arbor, MI, February 29, 2008--Consumer sentiment fell in February from January, according to a survey released Friday by Reuters/University of Michigan.

U.S. consumer sentiment dropped to 70.8 in February from 78.4 in January, according to the survey released Friday. The index has fallen by almost 30 percent January 2007, according to the survey.

"Past declines of this magnitude have always been associated with a subsequent recession," said Richard Curtin, survey director.

The expectations index fell to 62.4 in February from 68.1 in January.