US consumer morale hits record low

[Naveed Yaseen]

NEW YORK/TOKYO, Jan 27: US consumer confidence slipped to a record low in January, a survey showed on Tuesday, as governments around the world offered further help to banks and industries battered by the global financial crisis.

US industry group Conference Board said its sentiment index fell to 37.7 from a revised 38.6 in December, confounding forecasts for a small uptick after Europe’s biggest economy, Germany, showed a surprise rise in business sentiment.

Japan and Britain widened their efforts to help industries hurt by slowing economies, with the UK offering loan guarantees for automakers, while sources said Russia was preparing more support for banks.

Japan enacted a $53 billion extra budget and said it would offer a lifeline to the small-and medium-sized companies at the heart of the world’s second-largest economy with a $16.7 billion fund to buy stakes.—Reuters

http://www.dawn.com/2009/01/28/ebr17.htm