Consumer Confidence Plunges!
Public pessimism is growing over our country's poor economic condition. A drop in the just released US consumer confidence index to 50.4, leaves the index at a 16 year low -- just slightly above prior recorded lows of 47.3 in 1992 and a 50.1 in 1980.
Additionally, this reading was the fifth-weakest since the Conference Board started the index in 1967.
The index has now dropped by more than half since last July, when it was at 111.90
Consumers made a grim assessment of their present situation and their future prospects also. The present situation index dropped to 64.5 from a revised 74.2 in May.
The index of consumer expectations — the forward-looking part of the monthly survey — fell to its lowest level ever (41.0 from a revised 47.3 in May) amid growing concerns about jobs, economic expectations and increasing prices at the pump and in the grocery store.