The Conference Board reported Tuesday that its measurement of consumer confidence fell to 80.3 in December from 84.9 in November.
In addition, ABC News/Money Magazine reported that its weekly Consumer Confidence index dipped to -21 in the week ended Dec. 29 from -19 in the prior week.
In addition, ABC News/Money Magazine reported that its weekly Consumer Confidence index dipped to -21 in the week ended Dec. 29 from -19 in the prior week.
- KC's View:
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Consumer spending represents about two-thirds of national economic activity. A lack of consumer confidence isn’t good for consumer spending.
And a lack of consumer spending can only send the economy into a further tailspin.
If you’ll recall, we reported on Tuesday that a USAToday/CNN/Gallup poll revealed that whereas in 1999 and 2000 people said they were financially better off than the year before by a wide margin, and last year it was even money between those who were better off and those who were worse off, this year 44 percent of respondents said they were worse off, while just 33 percent said they were better off.
