In April 2001, concern about the U. S economy was evident in a New York T'imes headline declaring "Confidence of Consumers at 8-Year Low" (Leonhardt, 2001) and in an Economist story reporting, "Consumer confidence is now down to the same level as whenAmerica went into recession in 1990" ("The Kiss of Life," 2001). Two years later, in February 2003, Reuters reported "Consumer Sentiment Hits 9-Year Low" (2003). The Times, Economist and Reuters reports stated that their conclusions were based on an index issued monthly by the University of Michigan, but did not describe the index. Apparendy, the meaning and measurement of "consumer confidence" were considered sufficiently well-known so as not to require explanation. Indeed, the Michigan Index of Consumer Sentiment is reported regularly in the media, along with commentary on its significance for the economy So is another measure, the Consumer Confidence Index issued monthly by the Conference Board.
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