NEW YORK (CNNMoney.com) -- A key measure of consumer confidence fell to an all-time low in October as the financial crisis weighed on American household budgets.
Consumer confidence index at all-time low - Oct. 28, 2008.
The index fell to 38 in October from a revised reading of 61.4 in September, slamming the index to its lowest level since its inception in 1967. In other words, Americans are more depressed about their finances than at any time in the last 40 years.
And of course, there was an analyst on hand to state the obvious: "Consumers certainly appear to think the sky is falling," said Adam York, economic analyst at Wachovia Economics Group.You don't have to be Chicken Little to see that.
Other economists, who were not named in the report, possibly for their own protection, had expected the index to have declined to only 52. (Apparently economists are still making good money in secure jobs.)