- Prior was 64.9
- Current conditions 72.6 vs 68.0 expected (prior 68.4)
- Expectations 62.3 vs 62.9 expected (prior was 62.7)
- One-year inflation expectations 4.2% vs 3.9% prior
- 5-year inflation expectations 2.9% vs 2.9% prior
I thought we might see a big beat in this index and that certainly game in the 'current conditions' component but the stumble in the 'expectations' component kept the index largely pinned.
"Recent developments in the economy, both positive and negative, have led to mixed attitudes among consumers with little net change in February. After three consecutive months of increases, sentiment is now 6% above a year ago but still 14% below two years ago, prior to the current inflationary episode. Overall, high prices continue to weigh on consumers despite the recent moderation in inflation, and sentiment remains more than 22% below its historical average since 1978. Combined with concerns over rising unemployment on the horizon, consumers are poised to exercise greater caution with their spending in the months ahead," said survey director Joanne Hsu.
The one-year inflation number might cause a bit of angst but it bounces around and is often revised in the final number.