California consumer confidence falls
California consumers' confidence plunged by about 10 percentage points in the fourth quarter of this year as the state continued to experience high unemployment and a volatile stock market rattled nerves, Chapman University reported.
The A. Gary Anderson Center for Economic Research said Wednesday that its composite index of consumer confidence fell to 78.6 in the December from 88.2 in the year's third quarter.
Any index level lower than 100 indicates that more consumers are pessimistic than optimistic about the economy and are less willing to buy new products.
The index is based on consumers' outlook on economic conditions and their spending plans, the Anderson Center said.
The new California results contrast with a national survey conducted by the University of Michigan which showed an uptick in consumer confidence to 64.1 in November from 55.7 in August.
-- Marc Lifsher
Photo: An H&M store at the Beverly Center Mall. Credit: Konrad Fiedler / Bloomberg