WASHINGTON – For consumers concerned about the economy, the New Year couldn't have started soon enough.
Consumer confidence was 38 last month, tied for an all-time low with the confidence level in October, according to The Conference Report. December's number was down from 44.9 in November.
The New York City-based research organization's survey of 5,000 families also indicated that the Present Situation Index, which measures consumer assessment on current conditions, fell from 42.3 to 29.
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The Expectations Index increased from 46.2 last month to 43.8
"The further erosion of the Consumer Confidence Index reflects the rapid and steep deterioration of economic conditions that occurred in the fourth quarter of 2008. The Present Situation Index is now close to levels last seen in the months following the 1990-91 recession, but is not as low as levels reached during the 1981-82 recession. Declines in the Expectations Index appear to be moderating, but this index continues to hover at historical lows," Lynn Franco, director of The Conference Board's Consumer Research Center said in a statement.
Consumers characterizing business conditions as "bad" increased to 46.0%, up from 40.6%, while those saying business conditions are "good" declined from 10.1% to 9.9%. The percentage of consumers who said jobs are "hard to get" rose to 42% from 37.2% in November, while those said jobs are "plentiful" decreased to 6.2% from 8.7%.
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