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"Our expectations," he added, "have been tempered by the weak economy and declines in consumer confidence".
There are several reasons, including sharp declines in consumer confidence and wealth related to the tumbling stock market.
The stock market gained ground last week, despite surging oil prices and sharp declines in consumer confidence and in the construction of single-family homes.
Before Sept. 11, the largest declines in consumer confidence occurred in 1990 after Iraq invaded Kuwait, and in 1991, when the unemployment rate climbed in the aftermath of a recession.
The retailer cited declines in consumer confidence resulting in flat comparable store sales.
Chesbrough noted large declines in consumer confidence last month as recorded by both the University of Michigan and the Conference Board.
Similar(54)
"The debate is about whether the level of consumer confidence or the decline in consumer confidence is more important".
Robert Van Order, Freddie Mac's chief economist, said mortgage rates were being affected by a decline in consumer confidence.
Faced with new figures showing a decline in consumer confidence, investors struggled to find some of their own on Tuesday.
They note that a stock-market rally, in response to interest-rate cuts, could reverse the decline in consumer confidence.
A decline in consumer confidence, Mr. Broaddus said, has not had a "strongly negative impact on household spending".
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