The Present Situation Index also fell, to 21.2, from 29.7 last month.
"The decline in the Present Situation Index, driven by worsening business conditions and a rapidly deteriorating job market, suggests that overall economic conditions have weakened even further this quarter," the Board's lead researcher, Lynn Franco, said as part of the announcement. "Looking ahead, increasing concerns about business conditions, employment and earnings have further sapped confidence and driven expectations to their lowest level ever."
