AFP: US consumer confidence, housing prices hit new lows
Its consumer confidence index, based on a representative sample of 5,000 US households, plunged more than forecast to 25 this month, the lowest level since data began in 1967, from a January reading of 37.4.
"It is not clear that there is anyone out there who has any confidence left,
" remarked Joel Naroff, chief economist at Naroff Economic Advisors. "Consumer confidence is now an oxymoron."
"All in all, not only do consumers feel overall economic conditions have grown more dire, but just as disconcerting, they anticipate no improvement in conditions over the next six months."
Ryan Sweet, senior economist with Moody's Economy.com, said, "Consumer confidence is shattered.
"Policymakers' actions to stabilize financial and housing markets are failing to reassure consumers,"
"This crisis of confidence threatens to lengthen and deepen the recession by leading consumers to spend even less," Sweet said.