Consumer Confidence At All-Time Low

Consumer confidence sank to a record low in December and is expected to stay depressed for months as news of layoffs, store closings and other economic doom and gloom will likely continue to weigh on Americans.

The consumer confidence index fell to 38 in December, down from 44.7 in November and the lowest in the 41-year history of the closely watched gauge. A year ago, the index was at 90.6.

The plunge largely reflects a sharp deterioration in the job market. Forty-two percent of consumers said jobs were "hard to get" in December, up from 37.1% in November and the highest in 16 years.

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