Archive for the ‘energy prices’ Category

Consumer confidence at lowest since 2002

March 7, 2008
By JEANNINE AVERSA, AP Economics Writer

WASHINGTON – Confidence in the economy dropped to a new low as worries about a possible recession, persistent problems in the housing and credit markets and lofty energy prices put people in a more gloomy mind-set.

According to the RBC Cash Index, confidence sank to a mark of 33.1 in early March, down from 48.5 in February. The new reading was the worst since the index began in 2002 and surpassed the previous low reached in February.

“The U.S. consumer is definitely in full defensive mode,” said T.J. Marta, a fixed-income strategist at RBC Capital Markets.

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http://news.yahoo.com/s/ap/20080307/ap_on_bi_ge/
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