Consumer confidence at record low
December 31, 2008
31 December 2008
Consumer confidence at record low
The following article is excerpted from the 31 December 2008 edition of the “Toronto Star”.
American consumer confidence hit a record low in December, dropping more than expected in the face of layoffs and deteriorating markets for housing, stocks and other investments….
The separate Present Situation index, which measures how respondents feel about business conditions and employment prospects, fell to 29.4 in December from 42.3 in November. It is now close to levels last seen after the 1990-91 recession….
Those claiming business conditions are "bad" increased to 46.0 per cent in December from 40.6 per cent in November, while those saying business conditions are "good" declined to 7.7 per cent from 10.1 per cent….
The recession has continued to deepen as companies cut jobs and curb production in the face of declining demand and frozen credit markets.