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Consumer Confidence Slides Further in February

With the unemployment rate going up and stock portfolios shrinking, consumer confidence fell to a record low in February. The Conference Board said its Consumer Confidence Index plummeted more than 12 points in February to a record low 25, from a revised 37.4 in January. A year ago, the index stood at 76.4. The Conference Board's Present Situation index, which measures consumers' assessment of current economic conditions, fell to 21.2 from 29.7 in January. The Expectations' Index, which is consumers' outlook over the next six months, sank to 27.5 from 42.5. "Looking ahead, increasing concerns about business conditions, employment and earnings have further sapped confidence and driven expectations to their lowest level ever," Lynn Franco, Director of The Conference Board Consumer Research Center, said.

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Date Last Updated: 02/26/2009