Elgin Area Chamber Of Commerce: Consumer Confidence Weakens

Press release from the Elgin Area Chamber of Commerce:

February 24, 2022

Consumer Confidence Weakens

In another sign of slipping consumer confidence, a closely watched index weakened for the second consecutive month.

The Conference Board’s monthly confidence index fell slightly to 110.5 in February from 111.1 the previous month.

Another index measuring consumer views on their present situation increased slightly, which suggests that the economy continued to expand in the first quarter “but did not gain momentum,” Lynn Franco, senior director of economic indicators at the Conference Board, said in a statement.

But the index for short-term expectations for income, business and labor market conditions fell some. Concerns over inflation returned in February after back-to-back declines.

Despite this reversal, consumers remain "relatively confident about short-term growth prospects,” Franco said. “While they do not expect the economy to pick up steam in the near future, they also do not foresee conditions worsening.”

Source: www.CoStar.com

This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author’s own.