U.S. Michigan Consumer Sentiment Drops to 16-Year Low

[swag]

Source: Bloomberg

Feb. 15 (Bloomberg) -- Confidence among U.S. consumers fell more than expected this month, reaching a 16-year low, as the labor market cooled and expectations about inflation rose.

The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 69.6, the lowest since February 1992, from 78.4 in January.

The first drop in employment in more than four years last month and higher gasoline prices are causing Americans to take a dimmer view of the economy and their own financial situations. That may reduce consumer spending, which has already has slowed in recent months.

``This is just horrible,'' said Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd. in Valhalla, New York, in an email note to clients. ``The sustained volatility in the markets, the rise in energy and food prices and, of course, the catastrophe in the housing market, are making consumers extraordinarily miserable.''



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aK.SmXT4xRQw&refer=home

[BlueManDude]

1. batten down the hatches time. my spending is waaay down.

[corporatemedia]

2. Hmmm......February 1992.....who was the president then?

Oh yeah....BIG BUSH

So now LITTLE BUSH is again trying to show up his daddy?

[sarcasmo]

3. It has been bad here for a couple of years.

[MichiganVote]

4. We never really came out of the first recession in Michigan