The US consumer confidence is a realistic data on the state of mind of the millions of US consumers who actually control the direction of the world’s largest economy. The February 2010 data indicates a steep fall in the US consumer confidence, taking it to a 10 month low.
This has been due to increasing fear in the mind of US consumers about the bleak employment outlook. Over 80% of the Americans fear that the unemployment rate may not climb down quickly in the near future, and hence are wary of spending their hard earned money.
That in turn could push companies to cutting down their existing work force in order to stay competitive.