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Consumers: Current economy at 26-year low

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Anonymous Coward
User ID: 676821
10/27/2009 10:46 AM
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Consumers: Current economy at 26-year low

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Consumers: Current economy at 26-year low

By Hibah Yousuf, CNNMoney.com contributing writer
October 27, 2009: 10:24 AM ET

Have you changed your spending habits in the past year?

-- A key measure of consumer confidence continued to slip in October, with consumers' gauge of the current economic situation falling to a 26-year low, a research group said Tuesday.

The Conference Board, the New York-based research group said its Consumer Confidence Index fell to 47.7 in October from an upwardly revised 53.4 in September.

Economists were expecting the index to increase to 53.5, according to a Briefing.com consensus survey. The figure, which is based on a survey of 5,000 U.S. households, is closely watched because consumer spending makes up two-thirds of the nation's economic activity.

The index component that evaluates consumers' judgment of the present situation dipped to 20.7 in October, the lowest since the 17.5 measured in February 1983. It stood at 23 in September.

"Consumers' assessment of the present-day conditions has grown less favorable, with labor market conditions playing a major role in this grimmer assessment," said Lynn Franco, director of the Conference Board Consumer Research Center.

Employers continued to cut jobs from their payrolls in September, as the unemployment rate rose to 9.8% and hit another 26-year high in September, according to a report from the Labor Department earlier this month.

And recovery isn't in sight for consumers. The expectation index, which measures consumers' outlook over the next few months, declined to 65.7 from 73.7 last month. Similarly, the percentage of those expecting the job market to improve edged lower to 16.3% from 18%.

The overall index also remains at historically low levels. A reading above 90 indicates the economy is solid, and 100 or above signals strong growth

[link to money.cnn.com]

itdincor
User ID: 588013
10/27/2009 3:13 PM

Re: Consumers: Current economy at 26-year low	Quote
Green shoots, dude; think green shoots.

Anonymous Coward
User ID: 676821 (OP)
10/27/2009 3:15 PM

Re: Consumers: Current economy at 26-year low	Quote
What green shoots, the ragweeds and kosha growing through the abandoned store front parking lots and side walks?

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