Consumers less upbeat than expected (Michigan survey drops to 92.7 from 96

[papau]

http://money.cnn.com/2005/08/12/news/economy/michigan.reut/index.htm




Consumers less upbeat than expected

Michigan survey says sentiment so far this month is below expectations; consumers feeling gas pains.
August 12, 2005: 11:10 AM EDT

NEW YORK (Reuters) - Consumer sentiment eased in early August, weighted down by soaring gasoline prices, a report said Friday.

The University of Michigan said its reading on confidence rose to 92.7 so far this month, according to sources who saw the subscription-only report. That was down from a final July reading of 96.5 and below Wall Street forecasts of 96.0.

The survey's expectations component was 81.3, while ratings of current conditions fell to 110.4 from 113.5 in July.<snip>

[The_Casual_Observer]

1. "upbeat" - a favorite bushism. I'll be "upbeat" when bush is in prison

[MGKrebs]

2. Feeling the gas prices is only the half of it.

Coupled with stagnant or dropping real income, rising proerty taxes, and fast rising medical and drug costs, it's amazing there is as much confidence as there is.(Maybe it's confidence that Dems will come along and fix everything soon. :-) )

Then mix in easy to get 29% interest rate credit cards...

[swag]

3. Jeremy Siegel pointed out in a note to subscribers that, coupled

with the 1% of GDP growth crude prices will shave off of the economy, plummeting consumer confidence could stall out the economy completely.

Read this in tandem with Krugman's comments on the housing bubble and any confidence you have left will also ebb away.

[VegasWolf]

4. There is just so much to be excited about!! A leader afraid of Mom's, high

oil prices, a dead economy, appearing to be clowns to the
rest of the world, religious fanatics in control of the government,
how could things be any better??

Way to GO Bush!!! U Da Man!!

But hey, gays can't get married, so that should have made people
feel much better.

[A Simple Game]

7. Gays can't get married!

Thank god, you had me worried there for a minute. All is now right in the world, well except for Canada and some of those other faggy countries.

:sarcasm:

[dbonds]

5. A quote I heard last weekend.

"The economy is booming, it just hasn't made it down to the average joe yet"

[Robert Oak]

6. "Upbeat"? Come on

Michigan has lost so many jobs due to offshore outsourcing and moving manufacturing to China it's not funny. Of course they are not upbeat...
they don't have any money!

Who is this corporate sponsored news spinning the news?

[Demeter]

8. HAHAHA

Just laughing through my tears, folks.