According to The Conference Board, a business-backed research group, Consumer Confidence Index plunged to 64.5 in March from a revised 76.4 in February.
The Consumer Confidence Index has been weakening since July.
Consumer confidence is an important indicator to forecast outlook for the economy because lower consumer confidence tends to result in lower consumer buying, which is a drag on the economy.
The last low of the index the was 61.4 in March 2003, just ahead of the U.S. invasion of Iraq.
The survey by the New York-based Conference Board is based on a sample of 5,000 U.S. households.
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http://news.yahoo.com/s/ap/20080325/ap_on_bi_ge/economy
http://www.conference-board.org/economics/ConsumerConfidence.cfm
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