Consumer Confidence Plummets in September, Home Sales Fall

[buzzsaw_23]

Consumer confidence plummets in September, home sales fall
Hurricanes lead to largest drop in nearly 15 years


By ANNE D'INNOCENZIO
The Associated Press



NEW YORK — Consumer confidence suffered its biggest drop in 15 years in September as Hurricane Katrina made Americans anxious about the rising costs of heating their homes and filling their gas tanks. The decline raised questions about consumer spending for the rest of this year, including the holiday shopping season.

Meanwhile, the government reported Tuesday that new home sales plunged in August by the largest amount in nine months, continuing a string of mixed signals about the health of the housing boom.

The Conference Board said its Consumer Confidence Index, compiled from a survey of U.S. households, dropped 18.9 points to 86.6 from a revised reading of 105.5 in August.

That marked the biggest slide since October 1990, when the index fell 23 points to 62.6 amid the onset of the recession, the buildup to the first Gulf war and a spike in gasoline prices. The September reading was also the lowest level since October 2003, when it registered 81.7.

http://www.theithacajournal.com/apps/pbcs.dll/article?AID=/20050928/LIFESTYLE06/509280324/1030

[AX10]

1. A 2006-2007 recession is coming.

[osaMABUSh]

3. You got that right - GWB has accomplished 2 recessions,

started an illegal and winnable war, created the largest deficits in hitory, allowed an attack on Amercian soil, and did not protect is people during a natural disaster.

[MADem]

4. Yep

Caulk those windows, tune up the heating system, and prepare to cocoon, and enjoy the simple pleasures of family life, because nothing else will be affordable!

[zoeb]

2. consumer sentiment and confidence down and the

Hindenburg Omen points to some really hard times for the rest of the year and well into next year.

[jarab]

5. Locking

No longer Latest Breaking News. See this thread from previous day:
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1808884