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US Consumer Confidence Index declines sharply in Feb-2010

24-Feb-2010 9:42 AM

The Conference Board Consumer Confidence Index declined sharply in Feb-2010 to 46.0, down from 56.5 in Jan-2010. Consumers' short-term outlook, which had been improving, lost considerable ground in Feb-2010, with consumers anticipating an improvement in business conditions over the next six months decreasing from 20.7% to 16.7%. [more]

The Conference Board: "[US] consumer confidence, which had been improving over the past few months, declined sharply in February. Concerns about current business conditions and the job market pushed the Present Situation Index down to its lowest level in 27 years. Consumers' short-term outlook also took a turn for the worse, with fewer consumers anticipating an improvement in business conditions and the job market over the next six months. Consumers also remain extremely pessimistic about their income prospects. This combination of earnings and job anxieties is likely to continue to curb spending," Lynn Franco, Director Consumer Research Center. Source: The Conference Board, 23-Feb-2010.