Consumer sentiment plunges to 26-year-low

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) -- Consumer confidence sunk to its lowest level in 26 years in early April, according to a report on Friday from University of Michigan/Reuters, as worries about the economy, unemployment and inflation deflated hopes for future.

U.S. consumer sentiment index fell to 63.2 in early April from 69.5 in March. Sentiment is at its lowest level since March 1982. Economists surveyed by MarketWatch were looking for an April result of 68.8.

The expectations index fell to 53.4 in April -- the lowest since November 1990 -- from 60.1 in March, noted Ian Shepherdson, chief U.S. economist at High Frequency Economics. There's no sign that confidence bottomed out yet, he said.

"If sustained at this level, the index is consistent with a 0.5% year-over-year rate of outright decline in real consumption," Shepherdson wrote. "Bearing in mind that more than half of all consumption is non-discretionary (food, energy, housing, etc) this means discretionary spending will fall at a 1% rate or more, something we haven't seen since 1991."

Consumers have been more cautious about spending, according to recent confidence readings. Last month, after reporting a drop in consumer sentiment, Richard Curtin, the director of the survey, said a recession has occurred whenever the index has declined as much as it has fallen during the past year.

...more...

Read more: http://www.marketwatch.com/news/story/consumer-sentiment-plunges-26-year-low/story.aspx?guid=%7B02F91163%2D168E%2D477E%2D8557%2DB642B3EF90C3%7D&dist=msr_1

[swag]

1. Wow. Lowest since the deep, miserable Reagan recession.

[Hugin]

7. Almost makes me want to break out my Parachute Pants, MembersOnly Jacket, and some shades...

Almost.

:/

[natrat]

2. jeez you can feel the scumbag freeper's disillusions melt in the air

[Mountainman]

3. You know, the constant changing credit card rules take away spending ability.

All the new and hidden ways corporations can get your chips is also contributing to less spending since you have less money to spend!

Like the 20,000 who are losing their homes each month are going to Home Creepo to get remodeling supplies?

[liberal N proud]

4. 26 Years, hmmm... Who was in office 26 years ago?

Raygun

[Neshanic]

5. Poppy must be so proud of his little imbecile.

[jaybeat]

6. About time people wised up and noticed things are crap and getting worse (nt)

[mcollier]

9. I Like That Jaybeat

I hope there is a surge to the Voting Booths in November...

[kestrel91316]

8. In a very short time they will be reporting consumer confidence

at the lowest level since they started tracking it (since the Great Depression??).

You heard it here first.

[nichomachus]

10. Funny how the low points always coincide with

the point in a GOP administration when the people finally wake up and realized they are being mugged by fascists.

[smoogatz]

11. Does that mean I can finally get a decent deal on a flat-screen TV?

:hide:

[davhill]

13. Not with the fall of the dollar

Every TV set sold in the US is made overseas!

[smoogatz]

14. D'oh!

It's as though the universe conspires against me.

[hatrack]

12. No, consumer confidence "sank". Not "sunk"! SANK! SANK! SANK!

Goddamnit, I HATE that!!!!

ARRRRRRRRRRRRGGGGGGGGHHHHHHHH!!!!!!!

:mad: