Arlington, Va. -- Consumer confidence in the overall economy is down this month, according to the latest data released today by the Consumer Electronics Association (CEA).
The CEA Indexes also show that consumer confidence in technology spending is down as well.
After increasing for six consecutive months and reaching a 35-month high in January, confidence in the overall economy fell more than three points this month. The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, dropped to 172. The ICE remains nearly seven points higher than this time last year.
"Compared to last month, consumers' expectations for employment increased but their expectations for the broader economy slipped slightly," said Shawn DuBravac, CEA's chief economist and director of research. "We also might be seeing the first signs of higher commodity prices influencing consumer sentiment."
Consumer confidence in technology spending also fell in February. The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, dropped nearly twelve points this month to 76.2. It's the lowest the ICTE has been in ten months and down more than five points from this time last year.
"Consumers indicated they will spend less on consumer electronics, which is typically muted in the first quarter of every year," said DuBravac. "Some of the decline in sentiment is related to consumers anticipating new product launches that happen in March for many key products."
The CEA Indexes comprise the ICE and ICTE, both of which are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. CEA has been tracking index data since January 2007. To find current and past indexes, charts, methodology and future release dates, log on to: