Consumer sentiment in the U.S. unexpectedly deteriorated in the month of February, according to revised data released by the University of Michigan on Friday.
The University of Michigan said its consumer sentiment index for February was downwardly revised to 76.9 from the previously reported 79.6. Economists had expected the reading to be unrevised.
With the unexpected downward revision, the consumer sentiment index is now below the January reading of 79.0.
“Consumer sentiment moved sideways this month, slipping just two index points below January and holding the gains in sentiment seen over the past three months,” said Surveys of Consumers Director Joanne Hsu.
She added, “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.”
The decrease by the headline index came as the current economic conditions index fell to 79.4 in February from 81.9 in January, while the index of consumer expectations slipped to 75.2 from 77.1.
The report also said year-ahead inflation expectations inched up to 3.0 percent in February from 2.9 percent in January.
Meanwhile, long-run inflation expectations remained at 2.9 percent for the third straight month, staying within the narrow 2.9-3.1 percent range for 28 of the last 31 months.
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