03/28/2008 02:45 am ET Updated May 25, 2011

Consumer Confidence Lowest In 16 Years

US consumer confidence dropped to a 16-year low this month, a level that has historically signalled recession.

The Reuters/University of Michigan index of consumer sentiment fell 11 per cent for early February to 69.6, compared with the previous month - the lowest level since February 1992. "Past declines of this magnitude have always been associated with subsequent recessions," said Richard Curtin, the director of the survey.

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