Consumer confidence in U.S. sank more than forecast in February

WASHINGTON – Consumer confidence slumped in February as households grew more concerned about the outlook for the economy and jobs.

The Conference Board’s sentiment index slid to 92.2 in February, lower than the lowest forecast of economists surveyed by Bloomberg and the weakest since July, from a revised 97.8 a month earlier, the New York-based private research group said Tuesday.

Americans said they believed the high-flying job market wouldn’t get much better as they turned the most pessimistic about the outlook for stock prices in more than three years. While buying plans for automobiles held up, households said they were less likely to buy homes or major appliances, raising concern about the strength of consumer spending, the biggest part of the economy.

“Consumers’ short-term outlook grew more pessimistic, with consumers expressing greater apprehension about business conditions, their personal financial situation, and to a lesser degree, labor market prospects,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement.

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The median forecast of 76 economists in a Bloomberg survey called for a reading of 97.2, with estimates ranging from 93 to 100.5.

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