Consumer sentiment eases in February

U.S. consumer sentiment eased in February, according to a survey released on Friday.

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The University of Michigan's preliminary reading of its consumer confidence index for February was 94.2, off from January's final reading of 95.5, according to market sources who saw the subscription-only report.

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Analysts on average had forecast the preliminary February figure would hold steady at 95.5.

Consumer confidence is considered a barometer of consumer spending, which makes up over 60 percent of the U.S. economy. However, there has not been a strong correlation between confidence and retail sales in recent years.