Recession woes drag Consumer confidence lower in February

The US Consumer-confidence index drops to 102.9 in February. High inflation and rising interest rates are making Americans more worried about a possible recession.

The reading is the outcome of a survey of consumer confidence that fell to a three-month low of 102.9 in February, signaling worries about the future path of the economy as high inflation and rising interest rates depress U.S. growth.

The closely followed index slid 3.1 points from 106 in January, the Conference Board said Tuesday. Further details of the publication revealed that the Jobs Hard-to-Get Index edged lower to 10.5 from 11.1 and the one-year consumer inflation rate expectations declined to 6.3% from 6.7% in December.

The US Dollar Index still shows negative performance after this data and was last seen losing 0.17% on the day at 104.46.