Consumer sentiment eases in February

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

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.

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.