Wednesday, October 22, 2008

Consumer Confidence Crisis: Lowest on Record.


NEW YORK - Consumer confidence suffered its steepest monthly drop on record in October and construction starts on new homes fell to a 17-1/2 year low the previous month, as the financial crisis sent shock waves through the economy.The fall in consumer confidence came as a sharp deterioration in credit markets punished stocks and wiped out large chunks of savings held in retirement accounts.

The sentiment drop erased a recovery in previous months that was inspired by a retreat in oil prices that had been at record highs."Confidence is collapsing so that's not good even as you have gas prices falling," said Doug Smith, chief economist for the Americas at Standard Chartered in New York.

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