Consumer Confidence Rating Falls To Record Low - KCBD NewsChannel 11 Lubbock

5/27/08

Consumer Confidence Rating Falls To Record Low

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In the past two months, the U.S. economy has not given consumers a lot to feel good about, and it shows. The consumer confidence number dropped from nearly 63 percent last month to 57 percent this month.

The lowest rating in 16 years. It's now estimated American households spend 55 percent of their disposable income on essentials like gas, food, mortgage debt, and health care.

Former Fed Chief Alan Greenspan says he believes there's a 50/50 chance the U.S. is headed for a recession.

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