Feb. consumer confidence takes a hit

Consumer confidence took a step backward in February, fueled by increased concerns that the government isn't doing enough to spur job growth.

According to the Reuters/University of Michigan survey index, sentiment slipped from 74.4 in January to 73.6 in February.

Consumer sentiment about current conditions actually ticked up in February, to 81.8, up from 81.1 in January.

But the expectations -- how consumers feel about the economy six months from now -- slipped from 70.1 in January to 68.4 in February, dragging down the entire number.

This consumer confidence survey follows a sentiment survey released by the Conference Board, showing February consumer sentiment fell sharply compared with January.

"Consumers have been getting more impatient with the slow progress of the stimulus program, and confidence in the Obama administration's economic policies has begun to wane," Richard Curtin, survey director, said in a statement.

Consumer confidence is key to economic recovery. Consumer spending accounts for about 70 percent of U.S. GDP, and with unemployment hovering around 10 percent, so far, this is a jobless recovery.

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