Nation's economic mood darkens as more jobs vanish

It is the consumer and only the consumer who can turn this economy around. This number indicates that it is not happening any time soon.-Lou

Consumer confidence hits record low as Americans worry about withering job and housing markets

NEW YORK (AP) -- This is one recession Americans aren't going to spend their way out of. Americans are in no mood to spend their way out of this recession.
The Conference Board said Tuesday its Consumer Confidence Index edged down to 37.7 this month, a record low, from a revised 38.6 in December. It stood at about 87 just a year ago.

Americans are battered by headlines about massive job cuts, including thousands at Home Depot, Corning, General Motors and Caterpillar in just the past two days, and are still watching the values of their homes and retirement funds dwindle.

"Virtually, there is no confidence out there," said Bernard Baumohl, chief global economist at The Economic Outlook Group LLC. "Household anxiety has reached a point that we can count them out to get us out of the recession."

Economists believe Americans will remain in a financial funk until they start seeing fundamental improvements in the economy, including a turnaround in the housing and job markets. And two other reports Tuesday suggested that's unlikely to come soon.

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