29 Oct 08 Consumer Confidence Declines to All-Time Low in October
The Conference Board’s U.S. consumer confidence index plunged far beyond expectations to hit an all-time low of 38 in October. The previous all-time low was 47.3, reached in February 1992. More recently, a 16-year low of 51.0 was reached last June. The previous month’s headline reading of 56.9 was revised up to 61.4. One year ago, the index stood at 95.2.
The expectations category tumbled to 35.5, down from 61.5 in September, while the present situation component fell to 41.9 from 61.1. One-year inflation expectations reversed the trend seen over the past two months and moved up 6.9%, the highest level since March.
Lynn Franco, director of the Conference Board Consumer Research Center, said the impact of the financial crisis over the last several weeks has clearly taken a toll on consumers’ confidence. She noted the 23.4-point decline is the third largest on record, and that the outlook is “extremely pessimistic.”
Tags: consumer confidence
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