U.S. consumer sentiment showed surprising weakness in early February on lower stock prices and a rebound in gasoline prices, a report showed on Friday.
The University of Michigan's preliminary February index of consumer sentiment fell to 87.4 from January's reading of 91.2, sources who saw the subscription-only report said.
Wall Street economists polled by Reuters had forecast a slim rise to 91.5.
The index of current conditions slipped to 107.7 from 110.3 at the end of January, and the expectations gauge decreased to 74.4 from 78.9.
The report's barometer on inflation expectations held steady at 3.0 percent in early February from late January.
"We had seen the daily and weekly sentiment surveys show a small dip in consumer attitudes at the end of January. Some of that could have been related to the late January rise in energy prices," said Gary Thayer, chief economist at A.G. Edwards and Sons in St. Louis.
Confidence measures are often used as a gauge of future spending patterns. Consumer spending makes up roughly two-thirds of overall U.S. economic activity, and is seen as an indication of strength or weakness in economic growth.
The connection between confidence and spending has been tenuous in recent years, as retail sales have grown at a solid pace amid fluctuations in confidence.
Despite being less optimistic in early February, Americans spent briskly in early 2006, helped by unusually mild weather and redemption of gift cards.
On Tuesday, the government reported that U.S. retail sales jumped 2.3 percent in January, the biggest monthly increase since May 2004 and nearly triple the level forecast by analysts.