Consumer Confidence Sinks in Early February

Washington, DC, February 8, 2008-- Consumer confidence sank even lower in early February due to fears about jobs and a potential recession.

The RBC Cash Index measure of consumer confidence dropped to 48.5 in early February, from 56.3 in January, to the worst level since the index started in 2002.

A weakening job market is giving consumers pause, analysts said. Employers cut jobs in January for the first time in more than four years and wage growth also slowed last month.

The deteriorating housing market, along with high energy prices, are also adding to the angst.

"We are on the cusp of, or in the early stages of a recession. The confidence numbers clearly reflect consumers' feelings about that," said Greg McBride, senior financial analyst at Bankrate.com.