Consumer Confidence in U.S. Declines

http://www.bloomberg.com/news/2011-08-04/u-s-consumer-confidence-drops-to-minus-47-6-in-bloomberg-index-on-economy.html

Consumer confidence in the U.S. dropped last week to the lowest level in more than two months, paced by growing dissatisfaction among women and high earners.

The Bloomberg Consumer Comfort Index was minus 47.6 in the period to July 31, the lowest since May, compared with minus 46.8 the prior week. Confidence among women fell to the lowest level since October 2009, while Americans making more than $100,000 a year were the most pessimistic since November 2009.

The biggest one-week drop in the Standard & Poor’s 500 Index in a year, political wrangling over raising the debt ceiling and a stagnant job market probably weighed on consumers’ moods. The loss of confidence heightens the risk that consumer spending, which accounts for 70 percent of the economy, will be slow to rebound in the second half of the year.

The comfort gauge “has resided at recession-like levels for some time, and the likely direction of the economy now reflects that,” said Joseph Brusuelas, a senior economist at Bloomberg LP in New York. “The cumulative impact of a weak labor market and the recent spate of announced mass layoffs over the past two months has probably put a significant dent in the consumer psyche.”

http://www.bloomberg.com/news/2011-08-04/msci-all-country-world-index-enters-first-correction-in-more-than-a-year.html

U.S. reports this week showed an unexpected drop in consumer spending and slower-than-forecast growth in manufacturing. Ratings companies said they may downgrade the debt of the world’s biggest economy even after President Barack Obama signed a measure to increase the government’s debt ceiling to prevent default. Italian and Spanish bonds have tumbled, pushing yields to euro-era records on Aug. 2.

Consumer confidence "unexpectedly" drops...

Unemployment "unexpectedly" rises...

Manufacturing "unexpectedly" down...

We're not idiots.....:eyes:

:spray:

The week leading up to the death and destruction of he American (and World) economy by the right. Everyone's confidence was down last week. Although I'm disappointed in the deal that was struck on a 7 point scale I feel a little better about not defaulting this week than I felt last week.

it's not solely November 2010 wreaking all this havoc.

All we need is some patience and then soon the floodgates of jobs and opportunities will open for the hoi polloi.

Or something like that....