Consumer Confidence Crashes...

Discussion in 'Politics' started by LibocalypseNow, Aug 12, 2011.

  1. LibocalypseNow
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    LibocalypseNow Senior Member

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    Consumer Sentiment in U.S. Plunges to a Three-Decade Low.

    Recession signals in the world's largest economy are flashing red again.
    Confidence among U.S. consumers plunged in August to the lowest level since May 1980, adding to concern that weak employment gains and volatility in the stock market will prompt households to retrench.

    The Thomson Reuters/University of Michigan preliminary index of consumer sentiment slumped to 54.9 from 63.7 the prior month. The gauge was projected to decline to 62, according to the median forecast in a Bloomberg News survey.

    The biggest one-week slump in stocks since 2008 and the threat of default on the nation’s debt may have exacerbated consumers’ concerns as unemployment hovers above 9 percent and companies are hesitant to hire. Rising pessimism poses a risk household spending will cool further, hindering a recovery that Federal Reserve policy makers said this week was already advancing “considerably slower” than projected.

    “The mood is very depressed,” said Chris Christopher, an economist at IHS Global Insight Inc. in Lexington, Massachusetts. “Consumers are very fatigued and very uncertain. In the short term, people are going to pull back on spending.”

    Read More...
    http://www.bloomberg.com/news/2011-...-than-expected-to-54-9-in-michigan-index.html
    http://www.drudgereport.com/
     
    Last edited: Aug 12, 2011
  2. oreo
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    oreo Gold Member Supporting Member

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    Yeah--it crashed to a 3 DECADE low. But dems. are out there pumping up retail sales for August.

    Expected--kids are heading back to school.
     
  3. LibocalypseNow
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    LibocalypseNow Senior Member

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    Yea this Obama Malaise may actually be worse than the awful Jimmy Carter Malaise. It's very sad.
     
  4. editec
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    editec Mr. Forgot-it-All

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    Odd that the most recent retail figures are high while consumer confidence is so low.

    Or is all that happy retail number really a mirage brought to us by the gouging price of gasoline?

    Wouldn't surprise me to learn that it was.


    Perhaps they ought to tell us volumes of things sold, rather than the amount of money it took to buy them, eh?

    Then retail numbers might be less misleading when there are enormous on price fluxuations in effect.
     
  5. Missourian
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    Missourian Gold Member

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    It's people stocking up for the big crash.
     

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