US Consumer Sentiment Falls But Remains Near Decadelong High

A gauge of consumer sentiment fell slightly in February, but remained near a decadelong high, as self-identified republicans and independents remain confident in the economy after the election of Donald Trump.

The University of Michigan said Friday that its final reading of consumer sentiment was 96.3 in February, up from its preliminary reading of 95.7 earlier this month but down from January's final reading of 98.5. It is up 5% from February 2016.

Economists surveyed by The Wall Street Journal had expected a February reading of 96.

The recent rise in optimism reflects a turnaround from consumers' attitudes in October, when sentiment had matched a two-year low. The index's three month average is at the highest it has been for nearly 13 years.

The forward-looking index of consumer expectations is up 5.6% from February a year ago, and the index reflecting sentiment on current economic conditions rose 4.4% from February last year.

By Austen Hufford