Consumer Confidence Comfort Index Declines for Eighth Week in a Row

According to this week’s Bloomberg Consumer Comfort Index (BCCI), U.S. household sentiment declined, although at a slower pace, for the eighth straight week in a row. This as consumers outlook on the economy, continued to weaken. The BCCI fell 1.1 points, the smallest decline in two months, to 35.8 for the week ending May 10th. While the pace of deterioration in sentiment slowed last week, the overall consumer comfort reading has slumped 31.5 points from its 20-year high reached at the end of January and is now just 12.8 points from its record low of 23 during the last recession.