Consumer confidence is shown to be lower than ever in recent report.
Wired PR News.com — December percentages for consumer confidence have reached a monumental low. As reported by the Associated Press (AP), information released on Tuesday shows that the Consumer Confidence Index has fallen to 38 percent, the lowest point since the advent of compiling numbers for the index over 40 years ago.
Dana Saporta of Dresdner Kleinwort investment bank is quoted as commenting, “Deepening job insecurity and falling asset prices are outweighing any optimism consumers may have derived from falling gas prices.”
The rate may continue to decline, with consumer spending levels being expected to continue to drop. An increase in unemployment and other economic factors have had a dramatic impact on consumer confidence in businesses. As noted in the AP report, unemployment reached its highest level in 15 years in November, and is expected to continue to rise throughout the first part of 2009.