Consumer Confidence at Lowest Level in 14 Years

Washington, DC, February 26, 2008--Consumer confidence dropped sharply in February to the lowest level in more than 14 years, according to the Conference Board.

The board's Consumer Confidence Index plummeted to 75, the lowest level since November 1993, from 87.3 in January.

"With so few consumers expecting conditions to turnaround in the months ahead, the outlook for the economy continues to worsen and the risk of a recession continues to increase," said Lynn Franco, director of The Conference Board Consumer Research Center, in a press release.

The board’s Expectations Index declined to 57.9 from 69.6, the lowest measure in more than 17 years.

The present day index registered 100.6, down from 114.3.

"The weakening in consumers' assessment of current conditions, fueled by a combination of less favorable business conditions and a sharp rise in the number of consumers saying jobs are hard to get, suggests that the pace of growth in early 2008 has slowed even further," Franco said.