March 26, 2003	Wednesday	Muharram 22, 1424

WASHINGTON, March 25: US consumer confidence, already at a near 10-year low, crumbled again in March in the run-up to the Iraqi war, a survey by the private research group Conference Board showed on Tuesday.

The closely watched consumer confidence index drawn up by the Conference Board fell to 62.5 points in March from 64.8 points in February.

The barometer — based on a survey that ended on March 18, the eve of the war — remains at the lowest level since October 1993.

Confidence was sliding towards levels presaging a recession, warned BMO Financial Group senior economist Sal Guatieri.

“The further the confidence figures fall towards recessionary levels, the great the likelihood of a sharp retrenchment in consumer spending and obviously the greater the risk of a recession,” he said.—AFP