Confidence Plunges, Inflation Rate Soars
February 26, 2008 | 11:39 am | by t-blender |Rate It:
yahoo news: NEW YORK - No good news today on the economic front. Consumer confidence plunged, the wholesale inflation rate soared, the number of homes being foreclosed jumped, home prices fell sharply and a report predicts big increases in health care costs.
Consumer confidence weakened significantly as Americans worry about less-favorable business conditions and job prospects. The New York-based Conference Board says in a report released on Tuesday that its Consumer Confidence Index plunged in February to 75.0 from a revised 87.3 in January.
The reading — the lowest since the index registered 64.8 in February 2003 — is far below the 83.0 analysts expected.
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