With U.S. recession fears hitting new highs, the overall mood of Americans has taken a sharp turn for the worse, a new Reuters/Zogby poll shows. The Reuters/Zogby Index, which measures American confidence, has fallen to a new low of 87.7 from 99.3 last month, when the index boasted its highest rating since the baseline rating of 100 for the index was established in August.
The report of public confidence in the economy and their nation comes after several days of dramatic economic headlines, but fieldwork for the survey was actually completed just as news was breaking Friday about the collapse of investment house Bear Stearns and the full percent cut of a key interest rate by the Federal Reserve – a quarter-point on Sunday and another three-quarters of a percent on Tuesday.
The Reuters/Zogby index is comprised of 10 poll questions that gauge perceptions of the state of the country and the economy. Every one of the 10 data points declined in March compared to a month ago.
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