Consumer confidence in the
U.S. economy fell the most since the September 2001 terrorist
attacks because of worries about a war with Iraq, income growth
and a lack of job creation.
The Conference Board’s consumer confidence index plunged to a
nine-year low of 64 from 78.8 in January. Except for a 17-point
drop the month of the terrorist attacks, February’s 14.8-point
decline was the largest since April 1980, when a U.S. mission to
rescue American hostages in Iran failed.
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“Lackluster job and financial markets, rising fuel costs and
the increasing threat of war and terrorism appear to have taken a
toll on consumers,” said Lynn Franco, director of the Conference
Board’s consumer research center. The “confidence readings paint
a gloomy picture.”
With three straight months of waning optimism and household
incomes pinched by the highest gasoline prices since June 2001,
companies are using discounts to attract customers. A sustained
decline in confidence threatens to weaken consumer spending, which
accounts for two-thirds of the economy.
Bloomberg News
