Consumer confidence plunges more than forecast – Aug. 31, 2004

Worries about the job market sent consumer confidence tumbling in August, a research group said Tuesday, in a report that could spell more trouble for the economy ahead. …

Confidence is an important indicator of consumer willingness to spend, especially on big-ticket items. About two-thirds of the nation’s economy is driven by consumer spending. …

Consumers were also less optimistic about the general business climate. The survey found 23.2 percent who believe business conditions are “good,” down from 25.2 percent. Those claiming conditions are “bad” rose to 20.1 percent from 19.1 percent.