Consumer confidence in the U.S. economy plunged in February to an eight-month low, The Conference Board reported Tuesday. The index dropped to 46.0 from 56.5 in January.
In addition, the Conference Board's Present Situation Index dropped to its lowest level in 27 years.
"Consumers' short-term outlook also took a turn for the worse, with fewer consumers anticipating an improvement in business conditions and the job market over the next six months," Conference Board director Lynn Franco said as part of the announcement. "Consumers also remain extremely pessimistic about their income prospects. This combination of earnings and job anxieties is likely to continue to curb spending."