US consumer confidence flat amid weak economy
WASHINGTON (AFP) - - US consumer confidence was flat in March after diving to an all-time low the previous month amid a weak economy and with more people expected to be out of jobs, the Conference Board said on Tuesday.
The US research group's consumer confidence index, based on a representative sample of 5,000 US households, was at 26.0, up from 25.3 in February, when it plunged to the lowest level since data began in 1967.
Most economists had predicted the index would rise to 28.
The board's present situation index, which measures overall consumer sentiments toward the current economic situation, declined to 21.5 from 22.3 in February.
Lynn Franco, director of the board's consumer research center, said the present situation index suggested that "the overall state of the economy remains weak and that more job losses are on the horizon.
"Apprehension about the outlook for the economy, the labor market and earnings continues to weigh heavily on consumers' attitudes," he said.
The United States has been in recession since December 2007 following a home mortgage meltdown that triggered financial turmoil across the globe and slammed the brakes on growth.
The unemployment rate jumped to a 25-year high of 8.1 percent in February, from 7.6 percent in January, as employers shed payrolls to cope with the economic slide.
WASHINGTON (AFP) - - US consumer confidence was flat in March after diving to an all-time low the previous month amid a weak economy and with more people expected to be out of jobs, the Conference Board said on Tuesday.
The US research group's consumer confidence index, based on a representative sample of 5,000 US households, was at 26.0, up from 25.3 in February, when it plunged to the lowest level since data began in 1967.
Most economists had predicted the index would rise to 28.
The board's present situation index, which measures overall consumer sentiments toward the current economic situation, declined to 21.5 from 22.3 in February.
Lynn Franco, director of the board's consumer research center, said the present situation index suggested that "the overall state of the economy remains weak and that more job losses are on the horizon.
"Apprehension about the outlook for the economy, the labor market and earnings continues to weigh heavily on consumers' attitudes," he said.
The United States has been in recession since December 2007 following a home mortgage meltdown that triggered financial turmoil across the globe and slammed the brakes on growth.
The unemployment rate jumped to a 25-year high of 8.1 percent in February, from 7.6 percent in January, as employers shed payrolls to cope with the economic slide.
