Consumer confidence 'stabilizing'

NEW YORK: Global consumer confidence is stabilizing after falling for 18 months, providing a glimmer of hope for a shattered world economy in which three quarters of households cut spending, a survey showed yesterday.

Some 40 percent of consumers blame the banking and finance industry for the worst economic downturn since the Great Depression, while 19 percent also hold former US President George W. Bush's administration and their own governments responsible, the Ipsos/Reuters poll of 23 countries found.

The survey of 23,000 people, conducted between April 14 and May 7, showed 29 percent thought that the economic situation in their country is very good or somewhat good, only a slight dip from 31 percent in November 2008, but well down on 43 percent in April 2008 and 54 percent in October 2007.