The University of Michigan’s preliminary February consumer sentiment index reading was 69.6, compared to the final January consumer sentiment index reading of 78.4, and the preliminary January 80.5, according to market sources.

Economists polled by IFR Markets had predicted a 77.0 reading for the index.

The expectations index was 59.4, compared to 68.1 last month.

The current conditions index was 85.4, compared to 94.4 last month.

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