US consumer confidence stumbles to 5-year low

WASHINGTON - US consumer confidence slid to a five-year low in March while a measure of expectations for the future hit the lowest level in 35 years, a closely watched survey showed on Tuesday.

By (AFP)

Published: Tue 25 Mar 2008, 9:34 PM

Last updated: Sun 5 Apr 2015, 1:23 PM

The Conference Board said its index of consumer confidence declined to 64.5 points from 76.4 a month earlier. That was sharply below the level of 73.4 points expected by economists.

The survey -- which often is seen as a gauge of consumer spending, which represents the bulk of US economic activity -- showed the weakest confidence since the start of the US invasion in Iraq.

Lynn Franco, director of the Conference Board consumer research center, said: “Consumers’ confidence in the state of the economy continues to fade and the index remains at a five-year low.”

In an even more ominous sign, the survey’s expectations index declined to 47.9 from 58.0.

Franco said: “Looking ahead, consumers’ outlook for business conditions, the job market and their income prospects is quite pessimistic and suggests further weakening may be on the horizon. The expectations index, in fact, is now at a 35-year low, levels not seen since the (1973) oil embargo and Watergate.”

More news from Business
In-store shopping regains trust


In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business5 days ago