Consumer Confidence Falls Record-low
Consumer confidence falls record-low as the economic condition is trapped in the recession which is expected to be deeper and longer than expected. Meanwhile, majority of Americans expect that this gloomy outlook may last up to five more years in the US as they are constantly worrying about layoffs and unstable economy.
Consumer confidence fell record-low as the US economy further succumbed to deeper economic recession, according to a recent survey conducted by the Reuters-University of Michigan Surveys of Consumers.
The survey said that consumer confidence hit rock-bottom, declining to 56.2 percent in the first week of February from 61.2 in January as massive layoffs and credit-crunch continue to haunt the US economy.
The report also revealed that two-thirds of the respondents feel that the economic slowdown can last up to five years, contrary to the optimistic prediction of some experts who tell that 2010 will be better.
During the 1980’s, the country had also experienced an alarming state of consumer confidence, with more than 50 percent of the respondents expressing their gloomy sentiments about the economy.
The slumping consumer confidence comes with a reason; a survey conducted by Federal Reserve Bank of Philadelphia said the US economy will shrink by more than 5 percent during the first quarter on annual basis, the lowest decline for more than two decades.
Meanwhile, analysts predicted that the recession’s impact can be expected few more years as Americans have to face financial deficit worth trillions of dollars.
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