More bad news on the economy:
Consumer confidence plunged in February to its lowest level in more than nine years, the Conference Board reported today, as concerns about a war with Iraq, rising energy prices and jobs took a toll on attitudes.
The consumer confidence index, a monthly measure, fell to a reading of 64 from 78.8 in January.
Fabulous. FWIW- other than my stocks not doing particularly well (but holding their onw), I just have not felt the pinch yet. I consider myself lucky.
*** Update ***
With the index of consumer confidence sagging to its lowest level in nine years, Congressional Democrats will introduce a new plan this week to boost it.
Based on a National Education Association (NEA) concept, the plan calls for encouraging consumers by “letting them know they’re really doing well even if they’re not buying anything.”
As part of the proposed program, Americans who cut back on spending because of vague fears about the future will receive a “smiley face” on their checking account statements. Federal employees will stand at the entrances to stores and shopping malls shouting encouraging words to people who leave without making a purchase.