Yesterday, the Conference Board, a private not-for-profit organization research consortium baseed in New York, said its monthly "Consumer Confidence index" sank to 25 in February. This reading is a record low level not seen since the measure was first taken in 1967. The graph below, courtesy of Martin Capital, shows consumer confidence plotted for the last 30 years has plunged to new low territory.
Lynn Franco, Director of The Conference Board Consumer Research Center, said in a press release:
"The Consumer Confidence Index™, which was relatively flat in January, reached yet another all-time low in February (Index began in 1967). The decline in the Present Situation Index, driven by worsening business conditions and a rapidly deteriorating job market, suggests that overall economic conditions have weakened even further this quarter. Looking ahead, increasing concerns about business conditions, employment and earnings have further sapped confidence and driven expectations to their lowest level ever. In addition, inflation expectations, which had been easing over the past several months, have moderately picked up. All in all, not only do consumers feel overall economic conditions have grown more dire, but just as disconcerting, they anticipate no improvement in conditions over the next six months."