Consumer confidence plunges

[daleo]

Consumer confidence in Canada has plunged and is at its lowest point in more than seven years, according to a monthly survey by the Conference Board of Canada.

The board said its consumer confidence index dropped seven points to 85.8 in May, the lowest level since the index moved to monthly assessments in December 2001.

The index was fixed at 100 in 2002, but was trending slightly below 100 for most of 2007. By the fall of 2007, it started to decline, dropping off steeply in the last two months.

For the May survey, every region showed waning confidence, and all four questions asked in the survey saw the balance of opinion turn more negative, the board said. The biggest declines were seen in consumers' attitudes about future income conditions and making major purchases.
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http://www.reportonbusiness.com/servlet/story/RTGAM.20080602.wconsumerconf0602/BNStory/Business/home
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