Other figures showed a steep falloff last week in retail sales.

Today Changes in consumer confidence will require close scrutiny in the period ahead, especially after the steep falloff of recent months.

But as investors who have benefited enormously from the run-up, they have mixed feelings about the steep falloff recently.

Officials said the main reason was a steep falloff in tax revenue from capital gains and other receipts associated with the stock market.

Gauges of confidence "will require close scrutiny in the period ahead, especially after the steep falloff of recent months," he said.

The steep falloff in advertising that has sucked the profits out of many media companies was felt across the Times Company, particularly in its newspaper division.

Aetna, a national insurer that covers 13 million people, has experienced a less steep but significant falloff in the total cost of claims since early 1992.

Almost all the decline was caused by the steep falloff in advertising revenue in December.

"We're not happy about the company's performance recently, and no one could have predicted the steep falloff in technology spending in the economy."

Many economists say a steep falloff in capital investment is the primary culprit in the economy's sharp slowdown this year.