Isn't it interesting to hear housing inventory is "higher than expected", sales are "lower than expected" and now consumer confidence falls "more than expected". Note to MSM: Call HousingPanic - we'll tell you exactly what to expect - none of this bad news is coming as any surprise to HP'ers, is it?
By the way, the Republicans are about to be completely swept out of power in November. As much as I cringe to think it, get ready for "Speaker Pelosi".
Also get ready for one heck of a market meltdown pre-election. The entire US economy is 70% based on consumer spending and they're in full hunker-down-for-the-winter mode and getting worse daily.
Worries about the job market caused consumers' confidence in the U.S. economy to tumble more than expected in August to its lowest level in nine months.
The Conference Board, a New York-based research group, said Tuesday its confidence index fell to a reading of 99.6, down from 107.0 in July. The index was lower than analysts' expectation of 102.5.
"You've got a deterioration in business conditions coupled with lackluster job growth," Franco said.
Americans' sentiment about the labor market worsened in August, with consumers saying jobs are "plentiful" decreasing to 24.4 percent in August from 28.6 percent in July, and those saying jobs are "hard to get" increasing to 21.1 percent from 19.6 percent.
August 29, 2006
FLASH: American consumers pulling back: Consumer confidence index plunges (yet again), number even worse than expected
Posted by blogger at 8/29/2006