The Conference Board's Consumer Confidence Index hit an all-time low in December, the organization announced today. The index now stands at 38.0 (1985=100), down from 44.7 in November.

"The further erosion of the Consumer Confidence Index reflects the rapid and steep deterioration of economic conditions that occurred in the fourth quarter of 2008," said Lynn Franco, director of The Conference Board Consumer Research Center.

Overall, the economic outlook looks dismal for the first half of 2009 and only a modest recovery is expected in the second half, Franco said.

The Consumer Confidence Index is based on a survey of 5,000 U.S. households.