US consumer sentiment tumbles, misses forecast

Shoppers enter the 34th Street subway station with Macy's packages in New York.

Carlo Allegri | Reuters

U.S. consumer sentiment fell in February, dropping from an 11-year high, a survey released on Friday showed.

The University of Michigan's preliminary February reading on the overall index on consumer sentiment came in at 93.6, below the final January read of 98.1.

It was below the median forecast of 98.1 among economists polled by Reuters.

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The survey's barometer of current economic conditions fell to 103.1 from 109.3, below a forecast of 110.

The survey's gauge of consumer expectations slipped to 87.5 from 91, below an expected 92.2.

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