Consumer confidence in the US slipped in February after three consecutive months of gains amid economic uncertainties, The Conference Board reported today. The Conference Board Consumer Confidence Index now stands at a reading of 106.7 (1985=100), down from 110.9 in January. The Conference Board also noted January’s reading had been revised downward from the preliminary reading of 114.8.

“The decline in consumer confidence in February interrupted a three-month rise, reflecting persistent uncertainty about the US economy,” Dana Peterson, chief economist at The Conference Board, said in a press statement. “The drop in confidence was broad-based, affecting all income groups except households earning less than $15,000 and those earning more than $125,000. Confidence deteriorated for consumers under 35 and those 55 and over, whereas it improved slightly for those aged 35 to 54.”

The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — fell to a reading of 147.2 (1985=100) in February from 154.9 reported in January.

The Expectations Index — based on consumers’ short-term outlook for income, business and labor market conditions — slipped to a reading of 79.8 (1985=100) in February, down from a revised 81.5 in January. An Expectations Index reading below 80 often signals recession ahead.

“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,” Peterson said. “But they are more concerned about the labor market situation and the US political environment.”

Consumers’ appraisal of the labor market was less positive in February, as 41.3% of consumers said jobs were plentiful, down from 42.7% in January. In addition, 13.5% of consumers said jobs were hard to get, up from 11.0%.

Also, consumers’ assessment of the short-term labor market outlook was more pessimistic in February. While 14.7% of consumers expect more jobs to be available, down from 15.6% in January, 17.3% anticipate fewer jobs, up from 16.7%.