Consumer Confidence Takes Unexpectedly Sharp Dip to 46 in February

Posted by Kendall Harmon

One gauge, measuring consumers' assessment of current conditions, dropped to 19.4 from 25.2, the lowest level since 1983. The other barometer, which measures their outlook over the next six months and had been rising since October 2009, fell to 63.8 from 77.3.

The overall Consumer Confidence Index hit a historic low of 25.3 in February 2009 but then enjoyed a three-month climb to 54.8 in May, fueled by signs the economy might be stabilizing. Since then, it has been mired in a narrow range, dropping as low as 47, as rising unemployment took a toll, before climbing again for a three-month stretch.

February's reading is well below the 61.4 figure in September 2008, when the financial crisis intensified with the collapse of Lehman Brothers. The index has had an average reading of 95.6 since the Conference Board starting tracking the figures in 1967.

Read it all.

Filed under: * Culture-WatchPsychology* Economics, PoliticsEconomyConsumer/consumer spendingCorporations/Corporate LifePersonal FinanceThe U.S. GovernmentPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

Posted February 23, 2010 at 5:25 pm [Printer Friendly] [Print w/ comments]

1. Capt. Father Warren wrote:

Unexpectedly to whom?  We get all the stories about “unexpected” economic news.  Well who thinks it is unexpected?  Must be people inside the beltway.  Out here in the real world, there is nothing, and I mean nothing that would make a sane person think that any of this news is unexpected because there is no growth going on anywhere!!!
Uh, hmmmmmm.  I stand corrected…....government is growing by leaps and bounds.

February 23, 9:46 pm | [comment link]
2. Branford wrote:

These “unexpected” items sure seem to arrive with distressing regularity - I guess they’re only “unexpected” to those who aren’t paying attention.

February 24, 12:50 am | [comment link]
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