Consumer confidence hits another all-time low
Index stands at 25 in February
Furniture Today -- Home Accents Today, 2/25/2009 8:21:00 AM
The widely watched Consumer Confidence Index hit another all-time low in February, according to preliminary data compiled by the Conference Board.The February index stood at 25, down from 37.4 in January and 38.6 in December. The February mark was the lowest monthly reading since the Conference Board began compiling the index in 1967.
"Not only do consumers feel overall economic conditions have grown more dire, but just as disconcerting, they anticipate no improvement in conditions over the next six months," said Lynn Franco, director of the Conference Board's consumer research center.
The data, based on a representative sample of 5,000 U.S. households, showed that consumers' short-term outlook turned significantly more negative during the past month. For example, 51.1% of those surveyed described business conditions as "bad," up from 47.9% the previous month.
Additionally, 47.8% said jobs are "hard to get," up from 41.1% the previous month, and 40.5% said they believe conditions will worsen over the next six months. That was up from 31.1% the previous month.
"Increasing concerns about business conditions, employment and earnings have further sapped confidence and driven expectations to their lowest level ever," Franco said.
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