TBO.com - TBO is Tampa Bay Online

Consumer Confidence At New Low

ADVERTISEMENT

By ELLEN SIMON The Associated Press

The Tampa Tribune

Published: December 31, 2008

NEW YORK - Consumer confidence hit an all-time low in December, dropping in the face of layoffs and deteriorating markets for housing, stocks and other investments.

The Conference Board's Consumer Confidence Index fell to 38 in December from a revised 44.7 in November. Economists surveyed by Thomson Reuters had expected the index to rise incrementally to 45.

"Deepening job insecurity and falling asset prices are outweighing any optimism consumers may have derived from falling gas prices," said Dana Saporta, U.S. economist at investment bank Dresdner Kleinwort.

The unemployment rate hit a 15-year high of 6.7 percent in November and economists expect additional job losses in the first half of 2009.

In the Conference Board survey, those saying jobs are "hard to get" rose to 42 percent in December from 37.1 percent in November.

The Associated Press

Share this:

Loading Comments...

Email Print

ADVERTISEMENT