Story developing. Stay tuned for updates here.
The numbers: Consumer sentiment crept up in early February to a 31-month high on newfound optimism on the economy.
The first of two reading this month of the sentiment survey rose to 79.6 from 79.0 in January the University of Michigan said Friday. That’s the highest reading since July 2021.
Americans are more confident inflation will continue to slow and that the labor market will remain strong. A rising stock market has also buoyed confidence.
The consumer-sentiment survey reveals how Americans feel about their own finances as well as the broader economy.
Sentiment is still well below prepandemic levels of around 100, however.
Market reaction: The Dow Jones Industrial Average
DJIA,
and S&P 500
SPX,
fell in Friday trading after a disappointing inflation reading in the produce price index.
This story originally appeared on Marketwatch
