Consumer confidence dives to 15-year low

The consumer confidence index plummeted in February, reflecting deteriorating economic conditions in all categories. The index, released today by the Consumer Confidence Board of New York, fell to 75, down from 87.3 in January. "The Consumer Confidence Index continues losing ground and, with the exception of the Iraqi War in 2003, is now at its lowest level in nearly fifteen years," wrote Lynn Franco, Director of the Conference Board Consumer Research Center, in a statement released alongside the information. The decreasing consumer confidence comes as inflation continues to increase, with prices rising 1% in the past month. The public perception of the job market was bleak as well, with 28.8% of consumers stating that jobs were "hard to get" in present conditions, up from 20.6%. Consumers were similarly pessimistic about the future. The proportion of consumers who expected business conditions to worsen over the next six months increased to 21.4% from 16.3% the month before.