Unemployment Creates Confidence Crash Worldwide
The United States is not the only country where workers are in a funk because of the economy. Consumer confidence fell in 25 out of 52 countries in the fourth quarter of 2010, as hope for a global economic recovery evaporated at the end of last year, according to the latest edition of the Nielsen Global Consumer Confidence Index, which tracks consumer confidence, major concerns and spending intentions among online consumers.
According to the survey, which polled over 29,000 Internet consumers in 52 countries in November 2010, confidence levels fell in half of the countries surveyed as widespread concern for unemployment, job creation, rising food and utility costs eradicated any expectation of sustained economic recovery.
"Global consumers ended 2010 more pessimistic than at the start of last year. As the immediate economic and financial reality remained fragile, and with the lack of positive indicators throughout 2010, consumers were given a harsh reality check that full recovery is still a long way off," said Dr. Venkatesh Bala, chief economist at The Cambridge Group, a part of The Nielsen Company. "The lingering impact of the great recession is further evidence of a new normal."