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Consumer confidence sinks

February 26 2008

The Conference Board's consumer confidence index fell in February. It now stands at 75.0, down from 87.3 in January. It's the lowest reading in almost 15 years with the exception of the start of the Iraq war in 2003, according to The Conference Board.

Consumers saying business conditions are "bad" rose to 21.8% in February from 20.1% in January. Those saying jobs are "hard to get" rose to 23.8% in February from 20.6% in the previous month. Consumers claiming jobs are plentiful fell to 20.6% from 23.8%.

"With so few consumers expecting conditions to turn around in the months ahead, the outlook for the economy continues to worsen and the risk of a recession continues to increase," said Lynn Franco, director of The Conference Board consumer research center.

The consumer confidence survey is based on a sample of 5,000 U.S. households.

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