Consumer confidence slipped in February

Consumer confidence dipped for the second straight month as stubborn inflation and anxiety over a potentially slowing economy weighed on Americans.

The Conference Board reported Tuesday that its consumer confidence index slipped to 102.9 in February, from a reading of 106 in January.

The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — ticked up to 152.8 from 151.1 in January.

The board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions — tumbled to 69.7 in February from 76 in January. A reading under 80 often signals a recession in the coming year, the Conference Board said.

The board says consumers appear to be showing early signs of pulling back their spending, particularly on big-ticket items like cars, major appliances and homes. Plans to take vacations were also dialed back in February.