Tuesday, February 24, 2009

Consumer Confidence Drops To Record Low

Reading at 25 versus survey consensus at 35 (whatever it is these numbers indicate), and a drop from 37.4 in January. Not like one needs the reasons for this but unemployment, record drops in house prices, stock market collapse and general rioting may hint as to the reasons.

“Just when you think confidence can’t go any lower, the bottom falls out of it, and you can be sure the rest of the economy is not far behind,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, which had the closest forecast at 26.7. “If consumers’ spending matches their flagging spirits, this recession is going longer and deeper.”

Case-[C]hiller numbers also out earlier, also worse than expected.

There is no light at the end of the tunnel... A brief period of short covering in the market as Bernanke's voice trembles during his testimony. Sphere: Related Content
Print this post


Nikolai Kondratieff said...

Actually Tyler, there is a light at the end of the tunnel. It's the oncoming freight train of debt, rapacious greed, hubris, and regulatory disfunction that's about to ram full speed into the American consumer.