Consumer assessments of both the present economic situation and the outlook for the next six months contracted sharply in February, with the expectations component hitting a record low.

The Present Situation Index was driven down by worsening business conditions and a rapidly deteriorating job market. The proportion of consumers saying that jobs are hard to get climbed to 48 percent while those saying jobs are plentiful fell to 4 percent.

The outlook for employment in the months ahead also deteriorated markedly, weighing heavily on the Expectations Index.

The Conference Board asks consumers if they plan to buy a new or existing home within the next six months. The February readings were quite weak, particularly for new homes, as this series descended to the lows of 1981 and 1982.