U.S. Michigan Consumer Confidence Index Fell in March (16-year low)

[swag]

Source: Bloomberg

March 14 (Bloomberg) -- U.S. consumer confidence sank to a 16-year low in March and Americans braced for higher inflation as the economy teeters on the brink of a recession.

The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 70.5 from 70.8 in February. The measure is the lowest reading since February 1992 and compares with an average 85.6 in 2007.

Record gasoline prices and the loss of 85,000 jobs so far this year are undermining consumer sentiment, pointing to weaker spending. The Federal Reserve, which this week announced new measures to free up credit, has signaled it will continue cutting interest rates to keep the economy from contracting.

``This is consistent with other evidence surrounding the consumer showing that things are pretty grim,'' said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, which forecast a reading of 70.0. ``The other eye- popping thing is the one-year inflation expectation; it's pretty substantial.''



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aGjowlpZO8S8&refer=home

[Stuart G]

1. Shit.......

This is very bad for the entire country.. Not much else to say. ...K and R.

[Dr.Phool]

2. Just like the last time. Another Bush in the White House.

All we need now is for Dan Quayle to point to the "help wanted" sign at Burger King, and tell us how great the economy is doing.

[swag]

3. Now one is on TV saying he wants his tax cuts for the rich to be made permanent.

[durablend]

4. Wow, really?

And after that government agency said prices fell like a rock on food and energy last month

Can't tell who to believe anymore! :sarcasm: