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September 8, 2008 10:48:00 AM CDT

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Consumer Confidence Plummets

Posted Nov 27, 07 11:27 AM CST in Business 

(Newser) – Consumers were a gloomy group in November, when housing and job woes drove the consumer confidence index down to a level not seen since October 2005, when Hurricane Katrina’s aftermath loomed large. “This is a strong indication that consumer spending growth is going to slow sharply,” one economist tells Bloomberg.

The index dropped from October’s 95.2 to 87.3, well below analysts' predictions. The number reflects a seemingly endless housing slump and gasoline prices over $3 a gallon. The Conference Board’s index also puts great stock in employment, where news was not good. An average 330,000 workers filed first-time unemployment claims each week this month, compared to just 306,000 in July.

Source Bloomberg

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Shoppers pass by a row of rubber boots on display at a Nordstrom store in the Cherry Creek Mall in Denver on Wednesday, Oct. 17, 2007. The New York-based Conference Board announced today that consumer...   (Associated Press)
A pedestrian makes her way past a window display outside a Santa Monica, Calif., clothing store, Friday, Sept. 21, 2007. Consumer confidence fell in November to its lowest point since Hurricane Katrina....   (Associated Press)
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