Americans grew gloomier about the economy in May
Source: AP-Excite
By MAE ANDERSON
NEW YORK (AP) - Americans grew much gloomier about the economy in May, causing a critical measure of consumer confidence to suffer its biggest decline in eight months and ending a period of steady optimism.
Worries about jobs, housing and the stock market rattled consumers, even though gas prices are falling. The latest figures suggest Americans will need to see more encouraging economic signs before their concerns start to dissipate.
The Conference Board, a private research group, reported Tuesday that its Consumer Confidence Index fell to 64.9, down from a revised 68.7 in April. Analysts had expected the index to climb to 70.
The May figure, which represents the biggest drop since October, when the measure fell about 6 points, is now at its lowest level since January.
FULL story at link.
Read more: http://apnews.excite.com/article/20120529/D9V2IIKG0.html
In this May 6, 2012, photo, shoppers carry their purchases along 33rd Street in New York. Americans' confidence in the economy in May had its biggest drop in eight months as consumers fretted about slow hiring, a big stock market drop and the global economy, according to the Conference Board, a private research group. Consumer confidence is widely watched because consumer spending accounts for 70 percent of economic activity. (AP Photo/CX Matiash)
Drunken Irishman
(34,857 posts)RKP5637
(67,112 posts)flat and prices going up and up. The cost of food here is amazing, each week the prices spiral higher, and now the size of the packaging is shrinking. When I walk through Home Depot and Lowe's, for example, I'm amazing at the ever increasing costs.
And in grocery stores at least, ones frequent shopper card gets you less and less of a discount. Gas might be cheaper, but it's offset IMO by other spiraling costs. Now the rumor is property taxes are going to soar.
I'm really fed up with it all as are millions of Americans.
may3rd
(593 posts)I've watched senior citizens dumpster dive in drug store garbage.
whole loaves of two day old bread and such.
same goes for what grocery stores toss.
It's all edible and as a story I heard on NPR radio went;
"We americans are use to 'perfect' fruit and vegetables'
ya know,
we americans are not as picky when 'free' is the key
RKP5637
(67,112 posts)of perfectly good food. Around here there are discount bread stores from the factory. It's a huge discount and I swear it's hard to tell the difference between it and the bread in the regular store, same make/type. This is such a wasteful country, it's horrible.
fasttense
(17,301 posts)Because the most important ingredient in any good con is confidence.
You can Not fool and cheat people if you don't have their confidence.
Note it's consumer confidence they want not citizen's trust. They want you out there believing the economy is good so you will go into more debt to buy crap you don't need. They don't want citizens out their trying to get their democracy to work.
truthisfreedom
(23,168 posts)Mine's at a momentary low.
elanvacationsnc
(1 post)nice article on economy in May will it reflect from may which causing a critical measure of consumers
woo me with science
(32,139 posts)as though "the economy" were a tornado or a hurricane or some other horrible natural event that strikes without cause or reason.
They are upset because we have a political class that is corporate-owned and actively impoverishing them.
progressivebydesign
(19,458 posts)I have been at stores this month, and trust me, people are spending like crazy. My Realtor friends cannot take a day off, as homes are being sold in bidding wars. Everyone I know has purchased a new car this year. Seriously EVERYONE. It's always about gas prices, and the corporate owned media (FOX especially,) who want you to believe that we are near a financial collapse. Ask my Fox News/Glenn Beck fan neighbors.. they're convinced we're going to have a Depression this year.
may3rd
(593 posts)My neighborhood I see rotating realtor signs on the same property every quarter.
People selling here want to break even and the property values say
"NO" not this year
everyone you know purchased a new car this year/...
well,
I won't go there since you may not have the sense of humor to read into your own statement.
bigdarryl
(13,190 posts)I call this Poll BULLSHIT
former9thward
(32,136 posts)It is currently at 12,425 and heading down.