Consumer Confidence Sinks to Record Low – Consumer Goods * US * News * Story – CNBC.com
Economists cited several factors for consumers’ gloomy outlook:
–Hiring practically stalled in December, pushing the unemployment rate to 5 percent, a two-year high, the government reported last week.
–The meltdown in the housing market has dragged down home values and made people feel less wealthy.
–Harder-to-get credit has made it difficult for some to make big-ticket purchases.
–High energy prices are squeezing wallets and pocketbooks.
–There has been much hand-ringing on Wall Street and Main Street as to whether all these problems will plunge the country into recession.