US consumer confidence fell

(source: resources1.news.com.au)

Economic data from the US dragged equities lower this week. US consumer confidence data fell from 56.5 points to 46 according to Director of  The Conference Board Consumer Research Center, Lynn Franco. Mr. Franco said: "Consumer Confidence, which had been improving over the past few months, declined sharply in February. Concerns about current business conditions and the job market pushed the Present Situation Index down to its lowest level in 27 years (Feb. 1983, 17.5). Consumers' short-term outlook also took a turn for the worse, with fewer consumers anticipating an improvement in business conditions and the job market over the next six months. Consumers also remain extremely pessimistic about their income prospects. This combination of earnings and job anxieties is likely to continue to curb spending."
(source: conference-board.org).