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US consumer confidence decreased in Feb for second consecutive month

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Raghda Ahmed

February 28, 2023

The US consumer confidence index decreased in February for the second consecutive month. It stands at 102.9, down from 106.0 in January, according to the Conference Board. It missed the expectations of a reading of 108.5 set by economists.

Consumer confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can be used to predict consumer spending and, hence, overall economic activity. The decrease in the index reflects a drip in confidence for households aged 35 to 54 and for households earning $35,000 or more.

With the release of this data, spot global gold prices increased slightly to $1825 an ounce from $1809.