Reuters says that consumer confidence has plunged to levels associated with the recessions of the ’70s, ’80s, and ’90s.
The Reuters/University of Michigan Surveys of Consumers index of consumer sentiment dropped to 69.6, the lowest reading since February 1992, and below analysts’ median forecast for a preliminary reading of 76.3.
The index was at 78.4 at the end of January.
“The sentiment index has only been this low during the recessions of the mid 1970s, the early 1980s and the early 1990s,” survey director Richard Curtin said in a statement.
The survey also said that 86% of consumers believe that the economy is in decline. This is the highest number since 1982.