Tuesday, June 24, 2008

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.



1 comment:

Patrick said...

Las Vegas feels the pinch as US economy slows

Casino owners in Las Vegas have been warned that America's economic slowdown had left the gambling mecca facing "its most severe downturn ever".