NEW YORK, Feb. 24 (UPI) -- U.S. consumer confidence fell at its fastest pace in a year during February, amid concerns about the slow pace of job creation, research suggested Tuesday.
The Conference Board said its consumer-confidence index tumbled to 87.3 from 96.4 last month, the Wall Street Journal reported. That was the steepest one-month decline since February 2003, when the index dropped 14 points. The index stood at 100 in 1985, its base year.
"Consumers began the year on a high note, but their optimism has quickly given way to caution," said Lynn Franco, director of the group's Consumer Research Center. "At the core of their disenchantment is the labor market. While the current expansion has generated jobs over the past several months, the pace of creation remains too tepid to generate a sustainable turnaround in consumers' confidence."
Some economists said despite steep drops, the index remains at a high level, which bodes well for consumer spending.
The survey is based on a representative sample of 5,000 U.S. households.
