Catherwood LibraryILR School

A study released today by the University of Michigan shows that American consumers' confidence in the economy and their job prospects dropped sharply in February to its lowest level since autumn 1993, corroborating a similar study released Tuesday. The result of a survey conducted by business research group The Conference Board, the study released Tuesday showed that only eleven percent of respondents viewed employment opportunities as plentiful, while eighty-nine percent reported that opportunities were not plentiful or hard to get. With more and more Americans wondering if their job is next to go and fewer expecting the economy to rebound in the near future, many economists agree that without fundamental improvement in the economy the steady consumer spending propping up the economy will disintegrate.