(Bloomberg) — Consumer confidence fell more than forecast in February as the initial elation over the drop in fuel prices waned and Americans grew less optimistic about prospects for employment and income.
The Conference Board's sentiment index decreased to 96.4 from a revised January reading of 103.8, which was the highest since August 2007, the New York-based private research group said Tuesday. The median forecast of 80 economists in the Bloomberg survey called for a decrease to 99.5.
A recent increase in gasoline costs from a six-year low may be curbing the enthusiasm of some households after a plunge in prices last year and a pickup in hiring helped confidence surge. Further improvement in the labor market that propels bigger pay raises will be needed to support sentiment through 2015.
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