New York City Consumer confidence fell to a record low in December as the worst job market in 16 years hammered sentiment, the Conference Board said on Tuesday.
The Conference Board, a business-research company, said its Consumer Confidence Index fell to 38.0 in December from a slight downwardly revised 44.7 in November.
"The further erosion of the Consumer Confidence Index reflects the rapid and steep deterioration of economic conditions that occurred in the fourth quarter of 2008," said Lynn Franco, director of the Conference Board's Consumer Research Center.
"The overall economic outlook remains quite dismal for the first half of 2009, and only a modest recovery is expected in the second half."
Not surprisingly, consumers also rated their present situation the worst in 16 years, with the index of this measure tumbling to 29.4—its lowest since April 1992—from November's 42.3.