Consumer confidence index declines for February

Consumer confidence slipped in February, but is still at its second-highest mark since before the recession, The Conference Board reported Tuesday.

The Conference Board Consumer Confidence Index fell from a upwardly revised 103.8 in January to 96.4 in February. That’s still the second-highest mark since December 2007. The Present Situation Index decreased to 110.2 from 113.9, while the Expectations Index declined to 87.2 from 97.0 in January.

Just a year ago, the index stood at 73.8, marking a robust gain in the last 12 months.

“After a large gain in January, consumer confidence retreated in February, but still remains at pre-recession levels,” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of current conditions remained positive, but short-term expectations declined. While the number of consumers expecting conditions to deteriorate was virtually unchanged, fewer consumers expect conditions to improve, prompting a less upbeat outlook. Despite this month’s decline, consumers remain confident that the economy will continue to expand at the current pace in the months ahead.”