Consumer confidence nosedives in February
By Furniture Today Staff -- Furniture Today, March 2, 2008
New York — Consumer confidence plunged in February, falling more than 12 points to 75.0 from an already weak 87.3 in January, The Conference Board reported last week.
Based on a survey of 5,000 U.S. households conducted through Feb. 19, the research organization said the Expectations Index declined to 57.9 from 69.3 and the Present Situation Index fell to 100.6 from 114.3 (1985=100).
For the overall index, February's level was the worst since the early days of the Iraq war in 2003. But the Expectations Index was at its lowest since January 1991, said Lynn Franco, director of The Conference Board's Consumer Research Center.
"The weakening in consumers' assessment of current conditions, fueled by a combination of less favorable business conditions and a sharp rise in the number of consumers saying jobs are hard to get, suggests that the pace of growth in early 2008 has slowed even further," said Franco. She added, "With so few consumers expecting conditions to turn around in the months ahead, the outlook for the economy continues to worsen and the risk of a recession continues to increase."
Consumers surveyed in February who said business conditions are "bad" increased to 21.8% from 20.1%, while those claiming business conditions are "good" declined to 18.5% from 20.6%. Those saying jobs are "hard to get" rose to 23.8% from 20.6% in January, while those claiming jobs are "plentiful" decreased to 20.6% from 23.8%.
The percentage expecting business conditions to worsen over the next six months increased to 21.4% from 16.3%, while those anticipating business conditions to improve declined to 9.5% from 11.5% in January.
Those expecting fewer jobs to be available in the months ahead surged to 27.9% from 21.9%, while those anticipating more jobs declined to 9% from 10.5%. The proportion of consumers expecting their incomes to increase declined to 17% from 18.1%.
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