Consumer Sentiment Suddenly Sours

[Liberal Veteran]

NEW YORK (Reuters) - U.S. consumer sentiment crumbled unexpectedly in early September, a survey showed, as wariness lingers over the jobless recovery and unemployment remains stubbornly high, market sources said on Friday.

The University of Michigan's closely-watched gauge of consumer confidence fell to a preliminary 88.2 in September, from August's final 89.3, the sources said.

Economists polled by Reuters had expected a preliminary median September reading of 90.0.

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http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=1&u=/nm/20030912/bs_nm/economy_sentiment_dc

[ixion]

1. gee, no matter how many falsehoods the media whores and the WH

spew, just seems they can't convince people that a recession is a recovery.

[GreenGreenLimaBean]

15. Its kinda hard to convince someone they have a job,

when their unemployment benefits just ran out.

[Beetwasher]

2. It's not a surprise to me. Why the fuck is it a surprise to the "experts"?

n/t

[rock]

11. Of course they're paid for their opinions

I mean paid to have those opinions

[demnan]

3. Hey wake up cheap labor Republicans!

If people don't have jobs they can't buy goods!

[CMT]

4. retail sales were up too, but at only about half of last months

rise.

[Beetwasher]

5. Retail sales were up in August? What a surprise! Back to school!

If they didn't go up then we'd be in incredibly serious trouble. The fact that the rise in sales was anemic means we're only in serious trouble.

[Gin]

6. retail sales always go up before school starts....next bump will be

holiday spending...their reports are all smoke and mirrors.

[German-Lefty]

9. No, No, those numbers are corrected relative to last year at this time.

But yes, you may be able to argue that back to school shopping is less reflexive than general shopping. Last month was way up from last year, this month is less up from last year. So you can bend that stuff around any way you want: the rate at which it's improving is decreasing. All I know is that the stock market took a serious dive, so that should be a good indicator of what it means. It's negative.

[stopbush]

13. Of course school spending is up this year!

Because more and more teachers are being forced to buy BASIC SUPPLIES (pencils, crayons, markers, paper, etc) for their classrooms, supplies that used to be included as budget items in school expenses. The bush economy has forced states and local governments to cut education budgets tremendously, so the poor, underpaid teachers get to make up the slack out of their own shallow pockets. Pathetic.

So it's corrected from last year? Yeah, there have been more than a few "corrections" to the way this country is suppossed to run since bush stole the presidency!

[bicentennial_baby]

14. Or the parents

My friend works at Staples and he said he had a pair of 11th graders come in for school supplies with their parents, $183!!! We're talking school supplies, paper, pens, etc. F-ing crazy!

[ozone_man]

7. A reality check starting. Maybe there isn't a recovery after all.

The consumer is now exhausted as refinance boom ends, credit card, mortgage bills mount, and job loss kicks in. Republicans never understand that elimination of the middle class kills the economy. Repeat of 1930's IMO.

[caledesi]

10. No recovery? Gee, another lie! Are we surprised?

[cprise]

8. The rich easily fall into a pattern of hoarding

...money when things get a little shakey. And the hoarding further destabilizes everything.

The only way out is to prevent a regressive tax situation and ensure they are they are taxed according to their share of assets.

[madrchsod]

12. japan economy out grew

the usa for the first time in years. japan is starting to come out of it`s decline over the last 12 years.there economy is slowly regaining from the deflation that`s plagued it for the last few years..look at what we are in for.....

[Cheswick2.0]

16. this with the news about the stock fraud is going to crash the economy

I am afraid of what will happen now.

[JackDragna]

17. Gee, I thought we're in the recovery phase.

What a load. Consumer sentiment is down because people hear about the continuing unemployment. There's not much incentive to spend what extra cash one has on extra consumer goods when the prospect of losing one's job is on the horizon.

[damnraddem]

18. And let's see how Dubya's little request for $87 billion affects things.

"No new TV for me -- the money has to go to patch up bomb damage in Iraq."