Consumers are feeling less optimistic than expected so far this month as they weigh inflation rates and the pace of wage gains, a survey said Friday.
The Index of Consumer sentiment hit 90.7 in February's preliminary reading, according to estimates by the University of Michigan. Analysts expected a reading of 92, down from January's preliminary 93.3 and even with January's final reading of 92, according to Thomson Reuters consensus estimates.
"While slowing economic growth was anticipated to slightly lessen the pace of job and wage gains, consumers viewed their personal financial situations somewhat more favorably due to the expectation that the inflation rate would remain low for a considerable period of time," the survey's chief economist, Richard Curtin, said in a statement.