ColumnistsFeb 21, 2024
On Data: January Was a ‘Mixed Bag’ for Independent Jewelers SurveysFeb 28, 2024
Consumer Confidence Dips in February Amid Uncertainty
The Conference Board’s revised January reading suggests consumers did not start off 2024 as confidently as previously thought.
The Conference Board’s consumer confidence index fell to 106.7 in February as consumers grappled with economic uncertainty.
New York—U.S. consumer confidence took a tumble in February following three months of consecutive increases as concerns mount over economic uncertainty.
The Conference Board’s consumer confidence index fell to 106.7 in February, down from a revised 110.9 in January.
The previous January reading of 114.8 marked consumer confidence’s highest level since December 2021.
The revision “suggests there was not a material breakout to the upside in confidence at the start of 2024.”
The decline in consumer confidence in February reflects “persistent uncertainty about the U.S. economy,” said Dana Peterson, chief economist at The Conference Board.
The confidence dip was broad-based, she said, affecting all income groups except households earning less than $15,000 and those earning more than $125,000.
The dip was felt by those under the age of 35 and those 55 and over, while confidence improved slightly for those aged 35 to 54.
“February’s write-in responses revealed that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months,” said Peterson. “But they are more concerned about the labor market situation and the U.S. political environment.”
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, fell to 147.2 in February from 154.9 in January.
The dip was attributed to consumers’ views of business conditions and the employment situation.
Their views on their personal finances, which are not factored into the Present Situation Index, were also more pessimistic.
Consumers’ view of current business conditions was more pessimistic in February, with the percentage of respondents who said current business conditions are “good” mostly flat at 21 percent, while those who said conditions are “bad” increased to 17 percent from 15 percent.
Consumers also had a less optimistic view of the current labor market.
The percentage of respondents who felt jobs were plentiful was down to 41 percent from 43 percent, while 14 percent said jobs were “hard to get,” up from 11 percent last month.
Related stories will be right here …
The Conference Board’s consumer confidence index fell to 106.7 in February, down from a revised 110.9 in January.
The previous January reading of 114.8 marked consumer confidence’s highest level since December 2021.
The revision “suggests there was not a material breakout to the upside in confidence at the start of 2024.”
The decline in consumer confidence in February reflects “persistent uncertainty about the U.S. economy,” said Dana Peterson, chief economist at The Conference Board.
The confidence dip was broad-based, she said, affecting all income groups except households earning less than $15,000 and those earning more than $125,000.
The dip was felt by those under the age of 35 and those 55 and over, while confidence improved slightly for those aged 35 to 54.
“February’s write-in responses revealed that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months,” said Peterson. “But they are more concerned about the labor market situation and the U.S. political environment.”
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, fell to 147.2 in February from 154.9 in January.
The dip was attributed to consumers’ views of business conditions and the employment situation.
Their views on their personal finances, which are not factored into the Present Situation Index, were also more pessimistic.
Consumers’ view of current business conditions was more pessimistic in February, with the percentage of respondents who said current business conditions are “good” mostly flat at 21 percent, while those who said conditions are “bad” increased to 17 percent from 15 percent.
Consumers also had a less optimistic view of the current labor market.
The percentage of respondents who felt jobs were plentiful was down to 41 percent from 43 percent, while 14 percent said jobs were “hard to get,” up from 11 percent last month.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, fell to 79.8 from the downwardly revised 81.5 in January.
Notably, an Expectations Index reading below 80 often signals recession ahead, said the Conference Board.
“Consumer expectations for the next six months deteriorated in February, driven by renewed pessimism regarding future business and labor market conditions,” it said.
Looking at short-term business conditions, respondents’ outlooks were more pessimistic, with 15 percent of respondents expecting business conditions to improve, down from 17 percent in January, while the number of respondents that expect them to worsen was virtually flat.
Consumers’ assessment of the short-term labor market outlook in February was more pessimistic.
The percentage of respondents who expect more jobs to be available was 15 percent, down from 17 percent in January, while the number of respondents who expect fewer jobs to be available essentially held at 17 percent.
Consumers’ short-term income expectations were somewhat more optimistic.
The number of respondents who expect their incomes to increase was virtually flat. However, fewer respondents (11 percent) expect their incomes to decrease, down from 13 percent.
Respondents also were more pessimistic about their family financial situation over the next six months, a measure not included in the Expectations Index.
The measure “Consumers’ Perceived Likelihood of a US Recession Over the Next 12 Months” was up after falling over the previous three months.
Expectations that interest rates will rise in the year ahead also increased slightly, which can influence customers’ plans to make purchases.
On a six-month basis, plans to buy automobiles, homes, and big-ticket appliances were down slightly.
The number of consumers planning a vacation over the next six months also declined.
However, the percentage of consumers who expect continued inflation over the next 12 months reached its lowest level since March 2020.
“This aligns with continued slowing in consumer price inflation in government reports and fewer complaints about food and energy prices in our survey,” said the Conference Board.
The Conference Board is scheduled to release its results for March on the 26th of the month.
Editors' Picks
Sponsored by
More on Surveys
The Latest
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
