U.S. Economy: Confidence Drops, Factories Stagnate

February 15, 2008
U.S. Economy: Confidence Drops, Factories Stagnate

Feb. 15 (Bloomberg) -- Confidence among American consumers slumped to the lowest level since 1992 and factory output failed to increase, indicating the damage from the housing contraction is pushing the economy toward a recession.

The Reuters/University of Michigan index of consumer sentiment fell to 69.6 in February from 78.4 the previous month. The Federal Reserve said manufacturing production was unchanged in January after two months of gains, while a gauge of activity at New York factories contracted this month.