Sharp decline in consumer confidence

New York City Consumer confidence fell sharply in February as Americans turned more pessimistic about job prospects and the economy, the Conference Board reported. Just a month after touching a 16-month high, the board's Consumer Confidence index sank 11 points to 46.0 from an upwardly revised 56.5 in January. It's the lowest reading since April 2009.

The drop in the index was much stronger than the decline in February's preliminary reading of the University of Michigan Consumer Sentiment Index and signals a possible further reduction in the revised number.

Consumers registered strong negative feelings for both the near and long-term. The present situation index declined from 25.2 to 19.4, while the expectations index fell from 77.3 to 63.8. The drop in the index comes in the face of falling unemployment, lower gasoline prices, and more positive news about the economy in the media.

“Concerns about current business conditions and the job market pushed the present situation index down to its lowest level in 27 years," said Lynn Franco, research director at the Conference Board.