Consumer confidence hits 2-year low: Conf Board

[Purveyor]

Source: Reuters


NEW YORK (Reuters) - Consumer confidence fell unexpectedly sharply in September to its lowest in nearly two years on growing concerns about jobs and financial market turmoil, a survey showed on Tuesday.

The Conference Board said its index of consumer sentiment fell to 99.8 in September, the lowest since November 2005 and down from 105.6 in August. The median forecast of economists polled by Reuters was for a slip to 104.0.

"Weaker business conditions combined with a less favorable job market continue to cast a cloud over consumers and heighten their sense of uncertainty and concern," said Lynn Franco, director of the Conference Board's research center, adding: "Little economic improvement is expected, and with the holiday season around the corner, this is not welcome news."

The dollar extended losses versus the euro while U.S. stocks briefly extended losses and U.S. government bond prices held steady at higher levels after the data's release.


Read more: http://www.portfolio.com/news-markets/national-news/reuters/2007/09/25/consumer-confidence-hits-2-year-low-conf-board

[ixion]

1. unexpectedly? hardly

the job market sucks, core prices for food and energy are sky-rocketing, the bottom is falling out of the dollar... what's to be confident about?

geez. :eyes:

[Tempest]

2. It's unexpected

Because those who are behind the calculations are well off themselves and not dealing with the conditions the poor and middle class are stuck in.

[Tesha]

3. But, but the chocolate ration was increased again!

> what's to be confident about?

But, but the chocolate ration was increased again!
Surely MiniTru wouldn't lie to us! There's every
reason in the world to be confident, especially
after a glass or three of Victory Gin!

Tesha

[Robbien]

4. CNBC was poopooing this all morning today

Saying, don't believe the numbers because this will be the best christmas shopping season ever!

Sigh.

[apnu]

5. Don't they say that every year?

"...this is the best Christmas season ever!"

Double sigh.

[redqueen]

6. I don't know how people can stand to watch those grinning idiots anymore.

It's just sickening.

[allisonthegreat]

7. true Re: grinning idiots n/t

[JDPriestly]

11. As long as the right-wing news commentators are making

money, things are great!

[ThoughtCriminal]

8. My business is showing it

August was our worst since 2001. So far, September is look just as bad. I do get the impression that consumers are bracing for the worst.

[madrchsod]

9. duhhhh

that`s news? holiday season? we have 75% of our stuff bought already...thrift shops,spring /summer discounts,and home made gifts. i doubt we will spend over 200 on new gifts this year

[kineneb]

14. holiday... shopping? (hysterical laughter)

If they don't want something I can make, then they ain't gettin' it.

And on a sad note- Hubby has decided he needs a handicapped ramp for the front door; the stairs have become too difficult. That is what he will be getting.:cry:

[flashl]

10. Its because of those darn ..

shipping container prefab home prices going up.

[xxqqqzme]

12. not to mention poisoned food & lead

ladened toys being shipped from China to find their way to our pantries and toy boxes.

[Auggie]

13. First home prices. Next, retail sales. Then stocks. Followed by jobs.

The dominoes are falling towards economic collapse.

[Baby Snooks]

17. Stocks?

Wall Street seems unaffected. The only thing matters to Wall Street is the Fed lowering the rates again. So the corporations can borrow more money at low interest to cook the books with and watch their stocks go up even more. And with low interest rates, more people invest in stocks because of the better return.

It is reflective of the cannibalism of the new economy. Bad news for the average person usually is good news for the corporations and their manipulated profit margins. Particularly on Wall Street.

[Auggie]

18. If consumer confidence is waning it's going to be a slow holiday season.

Investors could sour on retail and manufacturing stocks.

[Skink]

20. Krugman months ago predicted this will not be reflected in the Stock market.

[progressoid]

15. Oh, this is just more liberal media crap.

Sean Hannity told me that the economy was bouncing back.

[lovuian]

16. Wages have been suppressed all during the Greenspan years

Inflation figures have been a LIE

[AnneD]

19. I keep several accounts at my credit union...

1)a checking account,
2)an emergency savings account that always has 1K in it-it keeps me off credit cards,
3)a tugma account for my daughter to which she puts most of her paychecks in and to which I put $40-$50 per month (now at $1580 for college start next year-community if she doesn't get scholarship),
4)a vacation fund, which had $320 which paid for a trip to north Texas to visit family for a mini reunion, and a night at a nice bed and breakfast in Galveston for my birthday.
5)a holiday account which has 1K right now because every year the Credit union has a drawing and matches the Vacation account and the Christmas account up to 1K. That will roll back to the vacation account after the drawing. The year before last I spent $500 for everything and last year it was $300. I won't spend more than that this year because there is nothing we really want. We will donate more to charity than we will spend on us. I will be making a few things, sending cards, and hubby and I will get a few things but the kid and niece will get the major purchases.

My big ticket items this year 1)tires, 2)battery 3) HD TV and a DVD for hubby for Father's Day-these were small 4) a convection oven/microwave for me for Mother's Day 5)an Apple laptop-my reward for working tons of OT and paying off 2 creditors this year. All this was paid for in cash. Our new purchases have been about 4K so far.

We will be having garage sales soon and that money goes to pay debt. We are slowly paying off all our debts (4 years of hell) so we are in fairly good shape for what ever storm approaches, but we are lucky. We are both employed and in good health. We occasionally go out to eat during the week-but we have little company, and this is a large urban area. Things are starting to turn bearish, even for us.