U.S. consumer confidence plummeted in February, the biggest monthly decline in more than four years, a business research group said Tuesday.
The Conference Board reported that its consumer confidence index sank this month to 98.3 from 105.3 in January. That's far below the expectations of economists, who projected a reading of 103, according to a survey by FactSet.
The seven-point drop was the biggest month-to-month decline since August of 2021.
Markets on Wall Street immediately sank. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average slid 1.7%.
The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
Consumer spending accounts for about two-thirds of U.S. economic activity and is closely watched by economists for signs about how the American consumer is feeling.