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Sharp fall in US confidence index Sharp fall in US confidence index
(10 minutes later)
Confidence among US consumers saw a surprisingly sharp fall in February as concerns grew about the jobs market and business conditions, a survey says.Confidence among US consumers saw a surprisingly sharp fall in February as concerns grew about the jobs market and business conditions, a survey says.
The Conference Board consumer confidence index fell to 46 from 56.5 in January. Analysts were expecting a less drastic decrease to 55.The Conference Board consumer confidence index fell to 46 from 56.5 in January. Analysts were expecting a less drastic decrease to 55.
The data came as several US retailers reported quarterly results. The report appeared to concern Wall Street, with the main Dow Jones index down 0.7% or 72 points to 10,312.
Macy's, Sears, Target and Home Depot all reported higher profits, but sales figures showed growth remains slow. The data came as several US retailers reported higher profits but weak sales.
For the three months to the end of January, Macy's made a profit of $466m while Home Depot recorded a $342m profit. Both firms had recorded losses in the same quarter a year ago. The combination of earnings and job anxieties is likely to continue to curb spending Lynn Franco, Conference Board Consumer Research Centre
Target's profit for the quarter rose 54% to $936m, while Sears' profit more than doubled to $430m. For the three months to the end of January, Macy's made a profit of $466m (£302m), while Home Depot recorded a $342m profit. Both firms had recorded losses in the same quarter a year ago.
Target's profit for the quarter rose 54% from a year earlier to $936m, while Sears' profit more than doubled to $430m.
Target was the only one of the four retailers to see growth in same-store US sales, with sales up 0.6%.Target was the only one of the four retailers to see growth in same-store US sales, with sales up 0.6%.
Macy's same-store sales were down 0.8%, while Home Depot's were 1.1% lower, and Sears' lost 2.5%.
Historic low
February's consumer confidence reading from the Conference Board is well below the 61.4 figure recorded in September 2008 when the global financial crisis intensified.
And since the index started back in 1967, the average reading has been 95.6.
Lynn Franco, director of the Conference Board Consumer Research Centre, said it would be some time before consumer confidence starts to recover.
"The combination of earnings and job anxieties is likely to continue to curb spending," she said.
Analyst Tom Porcelli, senior economist at RBC Capital Markets, said the report was "flat-out bad".
"I think if you're looking for signals for consumer spending or jobs, there are no positive signals here," he added.