Worsening job picture fuels slide in confidence. Obama continues destruction of America

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6V2TQhsBX19lGwD9BJJFFO0

CHICAGO — Consumers' confidence about the U.S. economy fell
unexpectedly in October as job prospects remained bleak, a
private research group said Tuesday, fueling speculation that an
already gloomy holiday shopping forecast could worsen.

The Consumer Confidence Index, released by The Conference Board,
sank unexpectedly to 47.7 in October — its second-lowest reading
since May.

Forecasters predicted a higher reading of 53.1.

A reading above 90 means the economy is on solid footing. Above
100 signals strong growth.

The index has seesawed since reaching a historic low of 25.3 in
February and climbed to 53.4 in September.

Economists watch consumer confidence because spending on goods
and services by Americans accounts for about 70 percent of U.S.
economic activity by federal measures. While the reading doesn't
always predict short-term spending, it's a helpful barometer of
spending levels over time, especially for expensive, big-ticket
items.

Recent economic data, from housing to manufacturing, has offered
mixed signals but some evidence that an economic recovery might
be slow.

But on Tuesday, the figures showed that shoppers have a grim
outlook for the future, The Conference Board said, expecting a
worsening business climate, fewer jobs and lower salaries.
That's particularly bad news for retailers who depend on the
holiday shopping season for a hefty share of their annual
revenue.

"Consumers also remain quite pessimistic about their future
earnings, a sentiment that will likely constrain spending during
the holidays," said Lynn Franco, director of The Conference
Board's Consumer Research Center.

Economists expect holiday sales to be at best flat from a year
ago, which saw the biggest declines since at least 1967 when the
Commerce Department started collecting the data.

The Consumer Confidence Index survey, which was sent to 5,000
households, had a cutoff date of Oct. 21.

The news came on the heels of rosier data about the nation's
housing market.

The Standard & Poor's/Case-Shiller home price index, which
studies real estate transactions in 20 major cities, showed home
prices rose in August, the third straight monthly increase and a
sign that a housing recovery might be taking hold.

The measure showed the home price index climbed 1 percent from
July to a seasonally adjusted reading of 144.5. While prices are
down 11.4 percent from August a year ago, the annual declines
have slowed since February.

Prices are at levels not seen since August 2003 and have fallen
almost 30 percent from the peak in May 2006.

The latest index shows a widespread turnaround with prices
rising month-over-month in 15 metro areas since June.

The Dow Jones industrials wavered on the dueling reports, but
the index was up nearly more than 64 points to 9,932.20 by mid-
afternoon.

 

I feel sorry for Obama.
He was handed such an ugly mess.
Now the guys who messed up USA are farmed out.

 

The guys who messed up the USA are farmed out?!

Hell! they're sitting pretty in their Villas, Ranchos, Islands with
just a short walk to golf courses, fancy ships, planes and cars.
They've dumped their wives to play with the voluptuous (brainless,
too!) broads who sell at high prices.

Given half a chance with no questions no investigations, who could
resist.

Or you can run for a national office.

Enjoy.

DCI

 

Since when is taking hammers and beating on a broken leg occasion to
feel sorry for the guy wielding the hammers. The damage Obama is doing
is not helping - in fact is hurting orders of magnitude greater than
what he inherited. The leg was salvageable - his plans will cripple it
for life.

Even though some of his damage is already being seen/felt, the major
effects are being delayed (front loading savings, back loading the
*real* costs and lying about all of it). IOW, we ain't seen nothin' yet
if his legislation passes and doesn't get reversed very quickly (and
he's counting on that a lot of it will be irreversible - at least in its
long-term damaging effects).

Take a look at the way the "jobs created/saved" figures are being
compiled (basically fabricated out of thin air). Read and hear what the
individuals from various institutions who were tasked with compiling the
numbers from their little pocket of stimulus money and employees say
about how they were required to falsify the numbers when they followed
the guidelines imposed upon them - they're starting to speak up/out.