Consumer Confidence Hits New Low

Index plummets to 25, compared to 76.4 a year ago

By the Associated Press

Posted Feb 24, 2009 10:16 AM CST

(AP) – Americans' already-battered confidence in the economy went into freefall this month, reaching new lows as consumers grow more fearful over huge job cuts and shrinking retirement accounts. New York's Conference Board said its Consumer Confidence Index, which was down slightly in January, plummeted more than 12 points in February to 25, from the revised 37.4 last month.

That was well below the 35.5 level that economists surveyed by Thomson Reuters expected. The index, which had hovered in the high 30s over the past few months, broke new lows since it began in 1967. A year ago, the consumer confidence reading stood at 76.4. “Concerns about business conditions, employment, and earnings have further sapped confidence and driven expectations to their lowest level ever," said a Conference Board director.

Chart shows consumer confidence for the past 13 months. (AP)

Consumer confidence hit a new low this month. (AP Photo/David Zalubowski)

Job cuts and troubled retirement accounts have squeezed consumer confidence. (AP Photo/Mel Evans)

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Consumer Confidence Hits New Low

Index plummets to 25, compared to 76.4 a year ago

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Index plummets to 25, compared to 76.4 a year ago

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OTHER STORIES ON OUR RADAR

consumer confidence • retirement fund • job cuts • consumer confidence index • economy

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

Consumer Confidence Hits 26-Year Low

Index drops far below expectations on job, economy fears

Consumer Confidence Soars

It neared its post-recession peak this month

Consumer Confidence Finds a New Low in January

Conference Board's index at half its year-ago value

Consumer Confidence Hits Seven-Month Low

People antsy about unemployment rate

Secret to Recovery: Optimism

Obama, Boehner must promote American confidence

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Newser By Users

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