Conference Board's measure tumbles below expectations amid concern about jobs and slowing business activity.
A key measure of consumer confidence dropped significantly in February, to the lowest level in more nearly five years, amid mounting concerns about jobs and slowing business activity.
The New York-based Conference Board said Tuesday that its Consumer Confidence Index plummeted to 75, the lowest level since March 2003, from a revised 87.3 in January. Analysts had expected a decline to 82, according to Briefing.com.
The index rose slightly in December, but has now declined for a second-straight month. The 12.3 point monthly decline was the largest since September 2005.
Consumers claiming business conditions are "bad" rose to 21.8% from 20%, while those claiming business conditions are "good" decreased to 18.5% from 20.7%.
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