Wednesday, July 9, 2008
The gloom is all pervasive
Consumer confidence slumped to a new record low during June as a run of bad economic news made people worry about the future. Ongoing economic uncertainty, a weakening housing market and higher food and fuel costs all combined to make consumers feel increasingly negative, Nationwide said. Its consumer confidence index dropped to just 61 during the month, down from 65 in May and 93 in June last year, to hit a new record low for the sixth consecutive month.