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Consumer confidence down

Tuesday, Dec. 31, 2002 | 10:06 a.m.

NEW YORK -- Consumer confidence declined in December, largely because of the discouraging employment outlook, a private research group reported today.

The New York-based Conference Board said its Consumer Confidence Index dropped to 80.3 from a revised 84.9 in November, when the index reversed a previous five-month-long downward trend. Analysts had expected a reading of 88.0 in December.

Lynn Franco, director of the Conference Board's consumer research center, said "the major factor dampening consumers' spirits has been the rising unemployment rate and the discouraging job outlook."

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