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Consumer Sentiment Nosedives

Posted Feb 15, 08 11:10 AM CST in Business 

(Newser) – The last time consumers were this pessimistic, the country was in the midst of recession. The consumer confidence index is at a level not seen since February 1992, according to Reuters/University of Michigan numbers out today, and "has only been this low during the recessions of the mid 1970s, the early 1980s and the early 1990s," the survey director said.

The index fell to 69.6 in early February, down from 78.4 in late January and well below the forecast 76.3. Meanwhile, the New York manufacturing index took an unexpected plunge to -11.7, its first negative reading since 2005. “Prospects for manufacturing are shaky,” one economist told Bloomberg. “We’re relying on strong exports, but I’m not convinced that will hold up indefinitely.”

Source Reuters

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This chart shows consumer confidence for the past 13 months, through January.   (Associated Press)
Shoppers head into a subway station in New York's Lower East Side on Friday, Jan. 25, 2008. Consumer confidence fell to recession levels in the first part of February. (AP Photo/Mark Lennihan)   (Associated Press)
Jessica Quintana, left, buys a shirt at a Macy's in Denver in this Dec. 19, 2007, file photo. (AP Photo/David Zalubowski, file)   (Associated Press)
A discount clothing store in the New York's shrinking garment district advertises a going-put-of-business sale. Figures released this morning show consumer confidence plunging. (AP Photo/Seth Wenig)   (Associated Press)
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