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Consumer Confidence Drops Sharply in February
Feb 27, 2008
Source: Home Furnishings News
The Conference Board released the consumer confidence index for February and it dropped to the lowest level in 15 years, Home Furnishings News reported. Pessimism over the current economic conditions and expectations for the near future were the main causes of the drop. The survey of 5,000 households found that more consumers feel the economy is "bad," while fewer feel the economy is "good."
Jobs are becoming harder to get as business conditions aren't as favorable, said Lynn Franco, director of research for The Conference Board, "the pace of growth [in the economy] in 2008 has slowed even further," according to HFN. This is a 17-year low for the consumer confidence index, with the exception of a period in 2003 during the onset of the Iraq War.
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