US consumer confidence plummets "Confidence among US consumers has fallen to a 16-year low, as fears grow about a recession and job cuts, a closely-watched survey has found. The University of Michigan index of consumer sentiment fell to 69.6 in February, from 78.4 in January. The report said the index had only been this low during past recessions. Its findings come a day after Federal Reserve chairman Ben Bernanke warned that the outlook for the US economy in 2008 is deteriorating. The Fed cut interest rates twice in January in an attempt to boost both consumer sentiment and the wider economy, both of which have been dragged down by the collapse in the US housing market. 'Just horrible' Ian Shepherdson, chief US economist at High Frequency Economics, said the latest consumer sentiment data was "just horrible". "The sustained volatility in the markets, the rise in energy and food prices and, of course, the catastrophe in the housing market, is making consumers extraordinarily miserable," he added. " " Read it all here: http://news.bbc.co.uk/2/hi/business/7247300.stm MORE amazing economic news!!!! MORE Awesome economic indicators!!!! http://news.bbc.co.uk/2/hi/business/7217227.stm "US economy at a glance The US economy, a $15 trillion giant which makes up 25% of the world economy, is in trouble, and could drag down world growth. The US central bank has cut interest rates aggressively and the US Congress is planning an economic stimulus package to prevent a recession. " Great, eh? :shrug:
