The numbers: Americans remain unsure how quickly the U.S. economy will recover from the pandemic and will recover millions of lost jobs even as the level of vaccines goes up, a new study has shown.
The last reading of consumer sentiment in February rose to 76.8 points from 76.2 earlier in the month, according to a study conducted by the University of Michigan. That was in line with economists’ forecasts analyzed by the Dow Jones and The Wall Street Journal.
The overall consumer sentiment index is still 25 points lower than the pre-crisis level, however.
Special MarketWatch: The coronavirus pandemic has taken over our working lives, and it has been a no-brainer.
What happen: Americans’ current views on their own personal finances and the economy in general are still very divisive.
The index of current conditions remained unchanged at 86.2 vs the initial reading in February and down slightly from January
Hopes for a stronger economy later in the year were also shifted.
Positive measurements of consumer expectations for the next six months looked up to 70.7 from 69.8 earlier in the month, but were still below the January mark at 74. That’s the weakest reading in three months.
The biggest decline in optimism occurred among households with incomes below $ 75,000 a year. The pandemic puts them under more financial pressure than high-income Americans who are more likely to work in remotely achievable jobs.
Read: Are 20 million Americans actually getting unemployment benefits? Don’t take it at face value
Big picture: The economy got a hold of the arm in February, literally, from a growing number receiving coronavirus vaccines. Even more helpful were the extended unemployment benefits and another round of incentive studies for most families overall up to $ 600.
The ever-increasing pace of vaccination and nearly another $ 2 trillion in federal stimulus to be approved in Washington next month will continue and should give Americans more reason be optimistic in the coming months.
Market response: Dow Jones industrial average DJIA,
fell more than 150 points and the S&P 500 SPX,
also declined in Friday trades.