US consumer confidence dives to new all-time low
Posted: 24 February 2009 2332 hrs
A man shops for clothing inside a store in Chicago
WASHINGTON - US consumer confidence dived to a new all-time low in February amid worsening business conditions and a swiftly worsening job market, the Conference Board said Tuesday.
The New York-based research group's consumer confidence index, based on a representative sample of 5,000 US households, plunged more than forecast to 25 this month, the lowest level since data began in 1967, from a January reading of 37.4.
Economists have mostly predicted the index to drop to 35.
Lynn Franco, Director of the board's consumer research center, said the decline was "driven by worsening business conditions and a rapidly deteriorating job market."
It suggested that "overall economic conditions have weakened even further this quarter."
The United States has been in recession since December 2007 following a home mortgage meltdown that triggered financial turmoil across the globe.
Posted: 24 February 2009 2332 hrs
A man shops for clothing inside a store in Chicago
WASHINGTON - US consumer confidence dived to a new all-time low in February amid worsening business conditions and a swiftly worsening job market, the Conference Board said Tuesday.
The New York-based research group's consumer confidence index, based on a representative sample of 5,000 US households, plunged more than forecast to 25 this month, the lowest level since data began in 1967, from a January reading of 37.4.
Economists have mostly predicted the index to drop to 35.
Lynn Franco, Director of the board's consumer research center, said the decline was "driven by worsening business conditions and a rapidly deteriorating job market."
It suggested that "overall economic conditions have weakened even further this quarter."
The United States has been in recession since December 2007 following a home mortgage meltdown that triggered financial turmoil across the globe.
