The Conference Board's Consumer Confidence Index, relatively flat in January, fell sharply in February to another all-time low.
The index stood at 25 - down from the January figure of 37.4. The Present Situation Index declined to 21.2 from 29.7 in January. "The decline in the Present Situation Index, driven by worsening business conditions and a rapidly deteriorating job market, suggests that overall economic conditions have weakened even further this quarter," said Lynn Franco, director of the Conference Board's Consumer Research Center. "Looking ahead, increasing concerns about business conditions, employment and earnings have further sapped consumer confidence and driven expectations to their lowest level ever."
This article originally appeared in the April 2009 issue.