Confidence drops to nearly 1-year low

Source: AP

WASHINGTON (AP) -- Consumer confidence slid to its lowest point in almost a year as worries about job availability, high gasoline prices and the severity of the housing slump weighed on peoples' minds.

The steep drop disappointed economists and raised fresh questions about consumers' appetite to spend in the months ahead; their spending is a major shaper of the country's economic health.

The erosion in confidence comes as the public gave President Bush a job-approval rating of just 33 percent in July, according to a separate AP-Ipsos poll. On the economy, only 37 percent approve of his performance. Both figures are close to record lows.

Although the national unemployment rate in June stayed at a low 4.5 percent for the third straight month, the creation of new jobs has slowed.



Read more: http://hosted.ap.org/dynamic/stories/I/IPSOS_CONSUMER_CONFIDENCE?SITE=TNMEM&SECTION=HOME&TEMPLATE=DEFAULT

:sarcasm:

US Michigan Consumer Confidence Index Gains to 92.4 in July

July 13 (Bloomberg) -- Confidence among U.S. consumers unexpectedly jumped the most since October this month, helped by an unemployment rate close to its lowest in six years and gains in incomes.

The Reuters/University of Michigan's final preliminary index of consumer sentiment rose to 92.4 from 85.3 in June, which was the lowest in 10 months. The reading compares with an average of 88.6 in the 12 months through June.

Rising confidence backs forecasts that spending, which accounts for more than two-thirds of the economy, may pick up from a second-quarter trough. A government report today showed spending fell in June, hurt by rising energy costs and falling home values. Job and wage growth will aid a rebound, economists said.

``Employment conditions are still the fundamental driver for sentiment,'' said Russell Price, senior economist at H&R Block Financial Advisors in Detroit. ``The modest retreat in gasoline prices we've seen over the last few weeks appears to have buoyed consumer attitudes a bit.''

Economists forecast the index would tick up to 86, according to the median of 64 estimates in a Bloomberg News survey. Projections ranged from 83 to 88.

http://www.bloomberg.com/apps/news?pid=20601087&sid=anXn7uzgfXgc&refer=home

While I'm not in Michigan, consumer confidence in my neck of the woods is gone. More cars being re-po'ed, more people losing houses than I've seen in the past decade. And the stores are empty, or running sales because people are NOT buying anything other than what they need.

Just goes to demonstrate, you can find a set of stats to fit any agenda.

Is there anything left we can trust that has a glimpse of truth - apart from mum's love?!

:hi:

The only sectors that have profited under Bush** are oil and armaments.

cards get full, purchases get low.

why isn't this the most obvious point being made in the media?