Consumer confidence has taken a tumble amid worries about jobs, energy prices and the housing crunch.
One yardstick, the RBC Cash Index, puts consumer confidence at just over 56. That's the lowest it's been since the index began in 2002. The 56 figure is measured against a benchmark of 100, and is ten points worse than it was a month ago.
An economist says "people are anxious because everything sounds pretty awful these days." Unemployment is at a two-year high. And there's been a meltdown in the housing market on top of credit problems and high gasoline prices.
The White House is considering a rescue plan, including a possible tax cut. And Fed Chairman Ben Bernanke promises further interest-rate cuts.
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Consumer Confidence Sinks to Six-Year Low
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WSAV-TV
Published: January 11, 2008
Published: January 11, 2008
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