The consumer confidence index dropped to 92.2 in February from a revised 97.8 last month, The Conference Board reported Tuesday.
The January index was originally reported as 98.1.
Economists polled by Thomson Reuters predicted a 97.3 reading for the index.
The present situation index fell to 111.1 from a revised 116.6, first reported as 116.4, while the expectations index slid to 78.9 from a revised 85.3, first reported as 85.9.
"Consumer confidence decreased in February, after posting a modest gain in January," said Lynn Franco, director of The Conference Board's economic indicators. "Consumers' assessment of current conditions weakened, primarily due to a less favorable assessment of business conditions. Consumers' short-term outlook grew more pessimistic, with consumers expressing greater apprehension about business conditions, their personal financial situation, and to a lesser degree, labor market prospects. Continued turmoil in the financial markets may be rattling consumers, but their assessment of current conditions suggests the economy will continue to expand at a moderate pace in the near-term."
Business conditions were called "good" by 26.0% of respondents in February, down from 27.7% in January. Those saying conditions are "bad" gained to 19.8% from 18.8%.
The percentage of consumers expecting a pickup in business conditions in the next half year slid to 14.6% from 15.9%, while 12.0% said they expect conditions to worsen, up from 10.7% in the prior month.
On the jobs front, those who believe jobs are "plentiful" decreased to 22.1% in February from 23.0% in January, while the number saying jobs are "hard to get" climbed to 24.2% from 23.6%. The respondents who see fewer jobs becoming available in a half year, rose to 17.2% from 17.0%. Those expecting more jobs to become available fell to 12.2% from 13.4%, The Conference Board reported.
The consumer confidence survey is based on a probability design random sample by the Nielsen Company.
