Global consumer confidence posted a record plunge in the 2nd quarter as the coronavirus pandemic slammed job prospects, finances

  • Date: 15-Jul-2020
  • Source: Markets Insider
  • Sector:Retail
  • Country:UAE
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Global consumer confidence posted a record plunge in the 2nd quarter as the coronavirus pandemic slammed job prospects, finances

Global consumer confidence slumped by the most on record in the second quarter as the coronavirus pandemic slammed job prospects and weighed on finances, according to a Wednesday report from The Conference Board.The board's Global Consumer Confidence index fell to 92 from 106 in the first quarter. A reading below 100 indicates there are more pessimistic views and optimistic ones. "Early signs of economic rebound in several markets do not necessarily portend a quick recovery in consumer confidence in the coming months," said Bart van Ark, chief economist of The Conference Board and a report co-author, in a statement. Visit Business Insider's homepage for more stories.

Global consumer confidence suffered a record drop in the second quarter as the coronavirus pandemic continued to rage on, slamming job prospects and weighing on personal finances, according to a Wednesday report from The Conference Board. 

The Global Consumer Confidence index fell to 92 from 106 in the first quarter, the organization reported Wednesday. A reading below 100 indicates there are more pessimistic views than optimistic ones.

The 14-point drop is the most on record dating back to 2005 for the index, and is twice as deep as the largest drop during the global financial crisis, according to the