Consumer confidence shaken

[mhr]

Weak labor market weighs on Americans' outlook
The Associated Press

Updated: 10:14 a.m. ET Aug. 31, 2004

NEW YORK - Consumer confidence, which had been on the rise since April, declined unexpectedly sharply in August, a private research group said Tuesday.

The Consumer Confidence Index dropped 7.5 points to 98.2 from a revised reading of 105.7 in July, according to a report from The Conference Board. The reading was much lower than the 103.5 that analysts had expected.

http://www.msnbc.msn.com/id/5875889/

[featherman]

1. Much more important news for the long haul

than anything that happens at the GOP media love fest in NYC

[Rose Siding]

2. This makes sense give the recent spending increase.

Our family hadn't been spending much and finally needed certain basic things replaced and spent- But that wasn't any kind of predictor of a change in outlook.

Is that how this number works?

[Bernardo de La Paz]

3. Apparently consumers perceive jobs seem a little tighter.

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6114151

The percentage of consumers who said jobs were hard to get was little changed at 25.8 percent, compared with 25.7 percent in July. But consumers saying jobs are plentiful decreased to 18.1 percent from 19.7 percent.

"The level of consumer optimism has fallen off and caution has returned," Lynn Franco, director of the Conference Board's Consumer Research Center said in a statement. "Until the job market and pace of hiring picks up, this cautious attitude will prevail."

[cspiguy]

4. so much for the SOFT SPOT

n/t

[redqueen]

5. And republicans are still fantasizing about a stronger economy.

:eyes:

[SquireJons]

6. It's not a fantasy to them.

And that's part of the problem. I have friends who are republican (I live in Virginia), and they are not wing-nuts. But they are self centered. And for them, life has been pretty good for the last 3 years. To them, the bad economy is just a rumor. The fact of the matter is that even with 10% unemployment, you still have 90% working. Of that 90%, at least half are pretty happy with their jobs, and they don't really give a shit about anybody else. The real problem that this country has is a lack of empathy. Which is amplified by our intense fascination with ignorance.

[KoKo]

8. Good observation. Same thing I see where I live in boom part of NC..

Self-centered, lack of empathy and fascinated with ignorance. Not all folks, but most. Those who aren't are working their butts off to get Bush out...but we are small in numbers and sympathy.

[redqueen]

9. I can't just chalk it up as a lack of empathy

It's blatant stupidity. The number of Americans that have sunk below the ridiculously defined 'poverty' threshold is more important to anyone with a basic grasp of economics than just worrying about your fellow man. It's bad enough they can't be bothered to feel any compassion for these people... they don't even seem to be able to wrap their tiny little minds around the very simple concept that the consumer dollar drives our economy. There aren't enough of the comfortable anymore to keep the economy going, which is why despite the fact that people are 'employed', things still aren't improving.

They're STUPID, not just callous and selfish.

[llmart]

10. The whole concept behind "trickle down" economics....

is that the wealthy keep the economy going when in fact that's not true. It's the middle class people that keep it humming and this middle class family has taken a real hit under this administration. My confidence is zero. However, I have to say that if Kerry is elected, my confidence will soar.

[Frodo]

7. Right in that grey area

Significantly worse than Clinton ran for his reelection but significantly better than pappy Bush.

I'll see if I can find previous stats.

[Alpharetta]

11. There needs to be a "career outlook" index

a combination of confidence in job security and confidence in near term future and long term future employment opportunities

[dArKeR]

12. Don't worry, "the recovery will be here next 1/4" century