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Politics : The Donkey's Inn
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To: Mephisto who wrote (8338)2/16/2004 6:48:29 PM
From: Mephisto  Read Replies (2) of 15516
 
Consumer Sentiment Worsens in February

Fri Feb 13,12:46 PM ET



NEW YORK - Consumer attitudes about the economy turned sour in
the first half of February, reversing a trend toward greater optimism after
the U.S. economy posted stellar growth in 2003.

The University of Michigan's mid-month report
on consumer sentiment for February dropped
to 93.1 from 103.8 in January, according to
people in the market who have seen the
report.

Economists had expected the mid-February
sentiment index to inch slightly higher from its
reading at the end of January. The median
estimate of 16 forecasters was for a reading of
104.0.

Michigan's consumer expectations index, which measures attitudes
about the near future, was said to have fallen to 88.4 from 100.1 in
January, according to the preliminary survey for February.

The early reading on the current conditions index was said to have
shown a decrease to 100.4 from 109.5 in January.

The University of Michigan report is released only to subscribers.

Consumer optimism had been improving in recent months as the
economy expanded by a scorching 8.2 percent pace in the third quarter
and a respectable 4 percent in the final quarter of 2003. The January
University of Michigan reading of sentiment had marked the highest level
since November 2000.

While the consumer sentiment surveys are closely watched by financial
markets, the near-term correlation between consumer attitudes and
spending remains debatable.

The Federal Reserve prefers to watch spending
patterns rather than sentiment when evaluating the health of the U.S.
consumer and the prospects of the economic growth. Consumer
spending represents roughly two-thirds of the gross domestic product.

story.news.yahoo.com
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