Enlarge By Evan Vucci, AP Federal Reserve Chairman Ben Bernanke said that interest rates, which the U.S. central bank lowered to near zero last year, will likely stay low "for some time." CONFIDENCE PLUNGES CONFIDENCE PLUNGES The Conference Board said Tuesday that its consumer confidence index, which was down slightly in January, plummeted more than 12 points in February to 25, from the revised 37.4 last month. That was well below the 35.5 level that economists surveyed by Thomson Reuters expected. A year ago, the consumer confidence reading stood at 76.4. The present situation index, which is consumers' assessment of current economic conditions, fell to 21.2 from 29.7 last month. The expectations' index, which is consumers' outlook over the next six months, sank to 27.5 from 42.5. The consumer confidence survey, which sampled 5,000 U.S. households through Feb. 18, showed how Americans' worries about jobs sank further. Those saying jobs are currently "hard to get" increased to 47.8% from 41.1% in January, while those stating jobs are "plentiful" fell to 4.4% from 7.1%. The percentage of consumers expecting fewer jobs in the months ahead increased to 47.3% from 36.9%, while those expecting more jobs declined to 7.1% from 9.1%. The proportion of consumers expecting an increase in their incomes declined to 7.6% from 10.3%. - Associated Press WASHINGTON  Federal Reserve Chairman Ben Bernanke said Tuesday that it could take years for the economy to fully recover from the current "severe contraction," even as new, dismal data on housing and consumer confidence underscored the depth of the historic recession. "If actions taken by the administration, the Congress and the Federal Reserve are successful in restoring some measure of financial stability — and only if that is the case, in my view — there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery," Bernanke told the Senate Banking Committee. STOCKS JUMP: Bernanke boosts Wall Street Even if financial markets revive, however, Fed policymakers believe a "full recovery is likely to take more than two or three years," Bernanke said in presenting his twice-annual economic report to Congress. He emphasized the outlook is "subject to considerable uncertainty" given deep problems in financial markets and the deterioration of other economies around the globe. "Overall, the downside risks probably outweigh those on the upside," he said. The stark comments came as The Conference Board reported that its monthly consumer confidence index plummeted to an all-time low in February, sliding to a weak reading of 25 from 37.4 in January. Consumer expectations of economic conditions six months out also skidded to a record low. The findings are based on a survey of 5,000 households through Feb. 18. "Not only do consumers feel overall economic conditions have grown more dire, but just as disconcerting, they anticipate no improvement in conditions over the next six months," said Lynn Franco, director of The Conference Board Consumer Research Center. Home prices continued their long nose dive during the three months ended in December. The Standard & Poor's/Case-Shiller index of house prices in 20 cities in December fell more than 18% from the same period in 2008 — the biggest drop since the index was created 21 years ago. The Treasury Department, working with the Fed and other bank regulators, is working on a multipronged plan to revive the economy, including providing more aid to banks and reworking mortgages for homeowners in danger of default. President Obama has signed into law a $787 billion economic stimulus measure, and the Fed has slashed a key interest rate basically to zero and announced a long list of lending programs to credit markets. Bernanke said the Fed was likely to leave rates low for some time given the weak economy. Bernanke said the Fed is committed to using "all available tools" to stimulate the economy and resuscitate credit markets. He pointed out that one of Franklin Roosevelt's most effective and important steps during the Great Depression was to restore confidence in the banking sector. The Fed expects the unemployment rate, now at 7.6%, to jump to near 9% this year and to remain around 8% in 2010 even if the economy begins to recover. Guidelines: You share in the USA TODAY community, so please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Use the "Report Abuse" button to make a difference. You share in the USA TODAY community, so please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Use the "Report Abuse" button to make a difference. Read more