Consumer confidence in the U.S.
economy fell the most this month since the start of the Iraq war
as people became more gloomy about job and income prospects, a
report by a private research group showed.
The New York-based Conference Board’s sentiment index for
February dropped to 87.3, the lowest since October, from a revised
96.4 in January. The decline was the biggest since a 14-point
decrease in February 2003, a month before the start of fighting in
Iraq. Optimism about both current and future conditions fell for
the first time since September.
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“Consumers remain disheartened with current economic
conditions, and at the core of their disenchantment is the labor
market,” said Lynn Franco, director of the Conference Board’s
Consumer Research Center. “The pace of job creation remains too
tepid to generate a sustainable turnaround in consumers’
confidence.”
Bloomberg News
