Consumer sentiment faded in February, but not nearly as much as feared. The University of Michigan's consumer sentiment index fell from 82.4 in January to 79.9 in the final February reading, ahead of the preliminary 79.2 announced two weeks ago. Economists were looking for a drop to 79.0, but the market feared an even larger decline after the Conference Board's confidence index plunged in February to a nine-year low. The current conditions index fell to 95.4 in February from 97.2 in January, while the expectations index fell to 69.9 from 72.8. Both subindexes were higher at the end of the month than at the middle.
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