Consumer Confidence Falls in February
The latest survey conducted by Conference Board revealed that consumer confidence plummeted to record low because of the ongoing recession that resulted to pessimistic outlook of most Americans who worry about financial situation, unstable labor market, massive layoffs, low-incomes, highly volatile economic condition, credit crunch, and other financial concerns.
Consumer confidence in US plummeted to record low in February due to the worsening economic condition that left thousands of people jobless and caused many homeowners to lose their houses, according to a result from the Conference Board index released on Tuesday.
The study revealed that consumer confidence fell to 25 percent from January’s 37.4 percent, which is a dramatic decline despite President Barack Obama’s recent signing of the economic stimulus package worth $787 billion.
According to economists and experts, consumers remain pessimistic that their financial condition will not improve over the next six months. This widespread pessimism has been caused by various reasons but the most influential one is the massive layoffs which left thousands of Americans jobless.
The survey said that more than 47 percent of respondents believe that getting employment is hard, compared to January’s 41 percent. Meanwhile, those people who believe that business situation is bad rose to more than 51 percent from 48 percent in the previous month.
Few days ago, Obama signed the stimulus package which is expected to generate more jobs and help the ailing economy which can result to higher consumer confidence.
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