Posted on 04/11/2008 7:18:42 AM PDT by Lazamataz
U.S. consumer confidence fell to its lowest in more than a quarter century in early April, diving deeper into recessionary territory on heightened worries over inflation and jobs, a survey showed Friday.
The Reuters/University of Michigan Surveys of Consumers said its preliminary index of confidence fell to 63.2 in April from 69.5 in March.
This was well below economists' median expectation of a reading of 69.0, according to a Reuters poll.
The April result is the lowest since March 1982's level of 62.0, when the "stagflationary" period of low growth and high inflation was still fresh in the memory of many Americans.
"There have only been a dozen other surveys that have recorded a lower level of consumer sentiment in the more than 50-year history of the survey," The Reuters/University of Michigan Surveys of Consumers said in a statement.
"Persistently high food and fuel prices as well as rising unemployment have caused consumers to view their future financial prospect more negatively (than) any other time since 1980." The report showed its reading on one-year inflation expectations jumped to 4.8 percent -- the highest since a similar reading in October 1990 -- from 4.3 percent in March.
Five-year inflation expectations rose to 3.1 percent -- the highest since December 2007 -- from 2.9 percent in March.
The index of expectations for personal finances fell to 97, its lowest since April 1980 when it was 94, from 112 in March.
The index of current personal finances fell to 87, its lowest since November 1982, when it was 85, from 93 in March.
Have a Guinness.
Guinness is impossible to afford any more. We can afford some dirt soup, though!
Next year at this time, if a dem is in the White House, the new economic meme will by "Happy Days are Here Again".
Rooters/University of Michigan Survey? Where’s the Pravda/UC Birkley survey?
Great idea! Guinness is fattening, anyway. Dirt soup and air pie is exactly what we need.
Meanwhile, consumer confidence in surveys in general, and Reuters in particular, approaches zero.
Going into town today. The grocer may still have some stock on the shelves. Confidence level fairly high there will be crackers and toilet paper softener.
Just curious - why do you need toilet paper sof....
Never mind; I don't really want to know.
Which consumer?
good source of minerals anyway
Trace elements are very important.
I want to see what kind of flowers are produced by the "mystery bulbs" I planted last fall.
Consumer confidence is the dims secret weapon. Whenever they need an issue to win an election with they can count on their PR branch, the MSM, to drive down consumer confidence. Consumer spending being 2/3 of our economy, they have a strangle hold on us. It works the opposite way too. In ‘00, the economy was much worse than now, but you couldnt tell it, cause the MSM didnt want you to.
I’m in a great mood. What are they talking about?
On the other hand, knowing Laz that is probably wise.
These surveys are idiotic. just like the ones that say the country is headed in the wrong direction. i would answer that question in the affirmative when i see an empty suit like BO getting a real shot at the most powerful job in the world. You don’t hear that though.
He might use it as fishbait, or something worse.
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