BUSINESS PLANS

Consumer Confidence Plummets

Advertisement

Weaker business and labor market conditions in August drove down consumer confidence by the sharpest decline since Hurricane Katrina, the Conference Board reported Tuesday.

Based on a survey of 5,000 households nationwide, the New York-based private research group's consumer confidence index dropped to 105 from 111.9 in July.

Both the present situation and expectations components of the index declined in August, driven by a less favorable assessment of current labor market conditions, as well as for the months ahead.

"The volatility in financial markets and continued subprime housing woes may have played a role in dampening consumers' spirits," Lynn Franco, the group's consumer research director, said in a statement.

-more briefs -

Last updated: Aug 28, 2007




Register on Inc.com today to get full access to:
All articles  |  Magazine archives | Livestream events | Comments
EMAIL
PASSWORD
EMAIL
FIRST NAME
LAST NAME
EMAIL
PASSWORD

Or sign up using: