Confidence tumbles 11 points
By Furniture Today Staff -- Furniture Today, March 1, 2010
NEW YORK —
After three straight months of increases, the widely watched Consumer Confidence Index fell nearly 11 points in February, according to preliminary data released by The Conference Board.
The group said the index now stands at 46.0, down from 56.5 in January. It marked the index's lowest point since April and the first time it has fallen below 50 since October, when it was 48.7.
Lynn Franco, director of the Conference Board's consumer research center, said concerns about current business conditions and the job market helped push the index down.
“The combination of earnings and job anxieties is likely to continue to curb spending,” Franco said.
Despite the drop, the index is still well ahead of February 2009, when it plunged to 25.3.
The latest report also showed that consumers' short-term outlook has turned more negative. The percentage anticipating an improvement in business conditions over the next six months decreased to 16.7% from 20.7%, while those who believe conditions will worsen increased to 15.3% from 12.7%.
Consumers saying that jobs are “hard to get” rose to 47.7% from 46.5%, while those saying jobs are “plentiful” dropped to 3.6% from 4.4%.
-
Consumer Confidence falls 11 points in February
Feb 23, 2010
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
