The consumer confidence index decreased in January, falling to an all-time low of 37.7 from an upwardly revised 38.6 last month, the Conference Board reported yesterday.
The December index was initially reported as 38.0. Economists polled by Thomson Reuters predicted the index would rise to 39.0.
The present situation index fell to 29.9 from an upwardly revised 30.2, originally reported as 29.4, while the expectations index decreased to 43.0 from an upwardly revised 44.2 last month, originally reported as 43.8.
“The consumer confidence index continues to hover at all-time lows (index began in 1967) and it appears that consumers have begun the new year with the same degree of pessimism that they exhibited in the final months of 2008,” said Lynn Franco, director of board’s Consumer Research Center. “The minor change in the present situation index suggests that economic conditions did not deteriorate significantly further in January, but on the other hand they did not improve either.”
