October 28, 2008
Consumer Confidence Hits All-Time Low
By Matthew L. Brown
After making a small improvement in September, the Washington, D.C.-based Conference Board's Consumer Confidence Index plunged to an all-time low this month.
The board said the index now stands at 38 on a scale of 100. The index hit 61.4 in September. In addition to being the lowest point in the index's history, the monthly decline is the index's third largest ever. The board's Present Situation Index fell to 41.9 this month from 61.1 last month.
The nonprofit board said the impact of the country's financial crisis has taken the greatest toll on consumer confidence.
The index is the result of a monthly sample of 5,000 U.S. households.
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