NY Survey: Consumer Confidence At Lowest Level In 16 Years

New York (AHN) -- Consumer confidence is at its lowest level in 16 years with Americans weary about holding onto their jobs and pessimistic about the economy turning around anytime soon, according to the New York-based Conference Board.

The Conference Board reported Tuesday that its Consumer Confidence Index dropped to 57.2 -- the lowest level since October 1992. By comparison, April' s figure was 62.8, with this month's figure and April's being the continuation of five straight months of decline.

The survey is based on a sample of 5,000 households across the country, using 1985 as the benchmark year when the index was at 100.