Consumer confidence dropped in February

Consumer confidence in the United Stated fell in February to its lowest level in nearly 15 years, Conference Board's report indicated Tuesday.

The Consumer Confidence Index continues losing ground and, with the exception of the Iraqi war in 2003, is now at its lowest level in nearly 15 years, said Lynn Franco, Director of the Conference Board Consumer Research Center.

The index, which measures consumer attitudes on business conditions, plunged to 75 in February from a base-line figure of 100 marked in 1985.

The overall index stood at 87.3 in January.

The Expectations Index also declined sharply, down to 57.9 from 69.3 in January.

The monthly survey of 5,000 U.S. citizens found those citing business conditions as bad increased from 20.1 percent in January to 21.8 percent in February, while those claiming business conditions are good dropped from 20.6 percent to 18.5 percent.

The outlook for the future also declined with a surge in pessimism about the job market. Those expecting fewer available jobs in the months ahead jumped from 21.9 percent in January to 27.9 percent.

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