Mar 1, 2024 - Economy

U.S. consumer sentiment down slightly in February

Joe Biden speaking in front of an American flag

Photographer: Nicole Neri/Bloomberg via Getty Images.

U.S. consumer sentiment cooled slightly in February, based on the University of Michigan's closely-watched survey.

Why it matters: The Biden administration watches this figure closely, as reported earlier today by Axios' Hans Nichols, because it's the best gauge of how voters are feeling about the economy.

By the numbers: Consumer sentiment was down 2.7% from January, but up 14.9% from February 2023.

What they're saying: "Consumers perceived few changes in the state of the economy since the start of the new year, and they appear to be assured that inflation will continue on a favorable trajectory," said U Michigan's Joanne Hsu.

Zoom out: A different gauge of consumer sentiment released earlier this week by the Conference Board showed a pullback in February, interrupting three months of rising sentiment.

  • That reflects "persistent uncertainty about the US economy," the group said.
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