US consumer confidence fell in February, according to a survey released on Tuesday that showed the year-old recession sapping sentiment but some optimism over government efforts to bail out the economy. The IBD/TIPP index of US economic optimism fell to a reading of 44.6 in February from 45.4 in January, Investor's Business Daily said in a release.
Index readings above 50 indicate optimism. Below 50 indicates pessimism. The six-month economic outlook measure fell 1.9 points to 42.6, Investor's Business Daily said, while the personal financial outlook measure for the next six months, slid 4.8 points, to 50.2. The only bright spot was in the measure of confidence in federal economic policies, which advanced 4.3 points, or 11.7 percent, to 41.0.
"Consumer confidence continues to be in pessimistic territory," Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD's polling partner, was quoted as saying in the release. "It's notable that the federal economic policies component rose this month, reflecting the hope Americans place in the government to jumpstart the economy." On Monday, US President Barack Obama stated his case for an $800 billion-plus stimulus package to the American public.