U.S. consumer sentiment drops from 11-year peak in February

The University of Michigan's final February reading on the overall index on consumer sentiment was 95.4, sliding from January's 98.1, which was the highest since January 2004.

February's final number, however, was higher than the initial estimate of 93.6 released in the middle of the month, and was stronger than the market forecast of 94.0.

The survey's barometer of current economic conditions fell to 106.9 from 109.3 in January, but beat a forecast of 103.

The report's gauge of consumer expectations also slipped to 88 from 91, but was roughly in line with forecasts for this metric.

"It is hard not to attribute the small February decline to the temporary impact of the harsh weather, as declines that occurred in the Northeast and Midwest were triple the average loss, while Southern residents grew more optimistic," the report said.

Data also indicated that personal consumption expenditures will grow 3.3 percent this year.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith Mazzilli)