Consumer confidence plunged in February amid rising economic concerns
CBSN
U.S. consumer confidence plummeted in February, the biggest monthly decline in more than four years, a business research group said Tuesday, with inflation seemingly stuck and a trade war under President Donald Trump seen by a growing number of Americans as inevitable.
The Conference Board reported that its consumer confidence index sank this month to 98.3 from 105.3 in January. That's far below the expectations of economists, who projected a reading of 103, according to a survey by FactSet.
"The Conference Board survey is the 3rd data point in less than a week (after Fri's flash PMIs and Michigan sentiment report) making it abundantly clear that Trump-linked policy uncertainty is eroding confidence and tipping the economy (at least) into a slowdown (if not something worse)," Adam Crisafulli, president of investment advisory firm Vital Knowledge, said in a note.
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