Consumer Sentiment Down in February

U.S. consumer sentiment slipped more than expected in February, a survey showed Friday, while factory orders rose in January.

The University of Michigan’s final reading of its consumer confidence index for February fell to 94.1 from January’s final reading of 95.5. Analysts had forecast the figure would edge down to 94.5.

Another report found U.S. factory orders unexpectedly rose 0.2% in January on strong demand for electrical equipment, while a gauge of business spending also posted solid gains.

The rise in factory orders to a seasonally adjusted $380.5 billion defied Wall Street’s expectations of a 0.1% drop.

The Commerce Department also revised December’s factory orders to a 0.5% rise from an originally reported 0.3% gain. Meanwhile, January orders for durable goods -- those intended to last for three years or more -- were revised to a 1.3% fall from a smaller 0.9% decline.

Non-defense capital goods excluding aircraft, seen by economists as a measure of business-spending strength, rose 2.9% in January after an upwardly revised 3.4% climb in December.

Transportation orders, the largest single component in factory orders, fell 5.4% in the month after a 2.3% decline in December. The weakness was offset by a 12.3% jump in orders for electrical equipment, appliances and components -- the sector’s largest advance since September 1997.

Excluding transportation, factory orders rose 1.1% in January.