The US Consumer Confidence Index slid to its
lowest point in January, 2009, since reporting began in 1967 according to the Conference
Board, a New York-based research group. The
Consumer Confidence Index expresses the level of optimism in the economy consumers
possess, the idea being the higher the level of optimism, the greater the likelihood
consumers will spend their money. In January,
2008, the index stood at 89.7 while in December it plunged to a revised 38.6 representing
a decline of over 50 points. The decline has
continued in January, 2009, with the index falling to 37.7, a new all-time low. Clearly, consumers believe the economy is severely
broken and have no expectation for improvement in the foreseeable future. Hebert Researchs assessment shows that
Washington State consumers are more optimistic than the nation as a whole48.4 for
Washington residents vs. 37.7 nationallyalthough, overall, optimism among Washington
consumers remains extremely low. |