US consumer confidence has fallen to a record low in January, as worries grow about the economy, firms axe jobs, and further government bail-outs are due.
The Conference Board said its monthly consumer confidence index fell to 37.7, down from a revised 38.6 in December and below analysts' expectations of 39.
It is the lowest since the board began tracking consumer sentiment in 1967.
The survey of 5,000 US households is a measure of consumer spending - which makes up two-thirds of the US economy.
It comes as US construction and mining equipment maker Caterpillar has taken steps to cut around 20,000 jobs, Home Depot is shedding 7,000 jobs, and other firms are axing posts.
Meanwhile President Barack Obama has pledged that an economic recovery package will be at the centrepiece of his administration and says the $825bn plan will pass Congress by mid-February.
'Quite pessimistic'
"It appears that consumers have begun the new year with the same degree of pessimism that they exhibited in the final months of 2008," said Lynn Franco, director of the Conference Board.
"Looking ahead, consumers remain quite pessimistic about the state of the economy and about their earnings."
She also warned that unless there was a major change in shopping habits it was not possible to say that "the worst of times are behind us".
The retail industry is struggling with the most severe spending cutbacks in decades.
However in one positive move this week, it was revealed US home sales unexpectedly rose in December as buyers took advantage of much lower house prices.
Sales of existing homes rose 6.5% to an annual rate of 4.74 million, up from 4.45 million units in November, the National Association of Realtors said.
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