Skip to: Content
Skip to: Site Navigation
Skip to: Search
THURSDAY, NOVEMBER 26, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


0

Consumer Confidence Hits All-Time Low

Signs point to drop in consumer spending, deepening downturn

Share

(Newser) – Consumer confidence hit a record low in October, Bloomberg reports, raising the specter that spending will slow significantly. The Conference Board’s index dove to 38, the lowest reading since the metric’s inception in 1967, and far worse than analysts expected. With the stock markets volatile, home equity deteriorating, and job losses piling up, household wealth has been hit hard.

Analysts had only expected the reading to drop to 52. “Collapsing consumer confidence appears to be reinforcing the economic downturn, with labor market weakness poised to intensify,” said one economist; indeed, the economy lost jobs for nine consecutive months through September. The Board’s measurement of present conditions dropped to 41.9, while expectations for the next 6 months fell to 35.5, from 61.5.

Consumer Carlos Garda shops at the COSTCO warehouse in Glendale, Calif. Friday, Aug. 10, 2007.
Consumer Carlos Garda shops at the COSTCO warehouse in Glendale, Calif. Friday, Aug. 10, 2007.   (AP Photo/Damian Dovarganes)
The decrease in confidence likely means a drop in consumer spending, which in turn will lead to a deepening of the current economic downturn.
The decrease in confidence likely means a drop in consumer spending, which in turn will lead to a deepening of the current economic downturn.   (AP Photo)
The Conference Board's consumer confidence index hit its lowest point since measurements began in 1967.
The Conference Board's consumer confidence index hit its lowest point since measurements began in 1967.   (AP Photo)
Victoria Fiedler and her daughter Christine window shop as they walk past Fontenay on Devine Street in Columbia, SC, Wednesday, March 25, 2008.
Victoria Fiedler and her daughter Christine window shop as they walk past Fontenay on Devine Street in Columbia, SC, Wednesday, March 25, 2008.   (AP Photo/Mary Ann Chastain)
« Prev« Prev | Next »Next » Slideshow

The economy feels like it is contracting at a rapid pace. It's clear that consumers have really been affected by the volatility we've seen in the last six weeks. - Lewis Alexander, Citigroup economist

« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.24.09
Murdoch and Microsoft: The Mice Are Trying to Roar
11.23.09
Books Are Bad for You
0 comments
VIEWING:
 
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

1718 Stories

THOMAS FRANK

Give Thanks We're Not Thanking Wall St.

Be grateful for new skepticism on financial industry

Nov 25, 09 8:04 AM CST
(Newser) - There won't be a lot of people thanking the financial industry this Thanksgiving, and that in and of itself may be cause to be thankful, writes Thomas Frank. There's been a shift in thinking and newly skeptical Americans no longer believe that the market is omniscient or that colossal Wall... More »

MORE ABOUT:
Bush administration • stock market • recession • bank regulation • financial crisis • George W. Bush Policy Institute

NO DIMON IN THIS ROUGH

Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah

Jamie Dimon not in tune with Obama, too invested in big banks

Nov 23, 09 10:00 PM CST
(Newser) - A report today that JPMorgan Chase CEO Jamie Dimon has the inside track to replace Timothy Geithner as Treasury Secretary is getting mostly guffaws online, with even the conservative Wall Street Journal admitting that Dimon’s way too much an insider for the job just now. Indeed, chuckles Daniel Indiviglio... More »

MORE ABOUT:
Wall Street • consumer protection • rumor • JPMorgan Chase • Obama administration • Treasury secretary • financial crisis • Jamie Dimon • President Obama • Timothy Geithner • Obama Cabinet • big banks

 Congress' New 
 Whipping Boy: 
 The Fed 

Bernanke & Co. run into populist ire over Wall St bailouts, unemployment

Nov 23, 09 8:54 AM CST
(Newser) - When Fed Chair Ben Bernanke goes before Congress next month seeking a second term, he'll run straight into cantankerous legislators riding a tide of populist rage over the Wall Street bailout and high unemployment. While the Fed acted decisively to bail out the financial markets last year, it's widely viewed... More »

MORE ABOUT:
Congress • Ben Bernanke • Congressional oversight • Federal Reserve • Ron Paul • unemployment • populist • financial crisis • Wall Street bailout • anger Federal Reserve

1718 Stories


Consumer (lack of) confidence blackens skies over Wall Street
Wall Street Journal Subscription

The Conference Board's official release
Conference Board

October: The cruelest month for stocks
CNNMoney


Business  •  US 
TwitterFollow @NewserBusiness on Twitter

 
economic indicators • consumer confidence • consumer confidence index • financial crisis

from our news partners