Surprise fall in US consumer data

Consumers are the biggest driver of the US economy

US consumer confidence fell in February - knocked lower by high fuel prices and concerns about jobs and the economy, figures show.

The University of Michigan consumer sentiment index was 91.3 in February against 96.9 in January - significantly lower than analyst forecasts of 93.5.

The figures have come amid a global stock market wobble as investors question the outlook for global growth.

US shares fell on the news, though analysts said declines may be limited.

'Lower income'

"Consumer confidence continued to slide in late February due to rising concerns about the outlook for the national economy," the University said in a statement.

"Nearly all of the February decline was recorded among lower income households, with their concerns about incomes and jobs significantly higher than among families with incomes above $50,000," it added.

According to the University of Michigan, its gauge of economic conditions fell to 106.7 in February from 111.3 in January.

"This suggests that consumers are feeling less optimistic about the current economy and future prospects," said Gary Thayer, an analyst at AG Edwards & Sons.

Earlier this week, the government said that the US economy grew by 2.2% in the final three months of 2006, compared with a 2% rate of growth in the previous quarter.

At the same time, figures showed that consumer spending had increased during the same period.

While consumer confidence and spending may be waning, it was dropping from a high level and the dip was unlikely to derail the US economy, analysts said.