NEW YORK–Pessimism over both the current economic climate and expectations for the near future brought consumer confidence to its lowest level in 15 years, with the exception of a period in 2003 with the onset of the Iraq war.
With business conditions being perceived as less favorable, and as jobs are considered hard to get, “the pace of growth [in the economy] in 2008 has slowed even further,” said Lynn Franco of The Conference Board, which released the findings of the monthly index this morning.
Franco, who directs consumer research for the Board, added that expectations for a better economic climate are at a 17-year low.
More consumers are now saying the economy is “bad,” while fewer are saying it is “good.” Likewise, more are saying jobs are hard to get, and fewer are saying jobs are plentiful.
The consumer confidence index is based on a monthly survey of 5,000 households.
