Consumer confidence plunges, expectations dive

[Viva_La_Revolution]

Source: MarketWatch

Consumer confidence plunged in August as expectations dived, with worsening views on future business conditions, jobs and income, the Conference Board reported Tuesday. The nonprofit organization said its consumer-confidence index fell to 44.5 in August - the lowest level since April 2009 -- from a slightly downwardly revised 59.2 in July. "A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade," said Lynn Franco, director of the Conference Board's consumer research center, in a statement. Economists surveyed by MarketWatch had expected an August reading of 51.9. Generally when the economy is growing at a good clip, confidence readings are at 90 and above. The expectations barometer tumbled to 51.9 in August - the lowest since April 2009 -- from 74.9 in July, while the present-situation gauge fell to 33.3 from 35.7.

Read more: http://www.marketwatch.com/story/consumer-confidence-plunges-expectations-dive-2011-08-30?siteid=bnbh

[livetohike]

1. It's interesting how the bad data that comes out is blamed on

the debt ceiling discussions, yet the MSM glosses over that fact instead of pounding the tea party for their part in crushing the recovery. Some hosts are confronting tea party Representatives, but not enough are, imo.

[MrTriumph]

2. Capitulation does not foster a rosy outlook.

What's left of the middle class just realized Washington does not care about them.

And a new job-killing trade bill is now being pushed by Pres. Obama.

[Mr Deltoid]

3. I thought all this compromise was supposed to bring about jobs?

You mean it makes them go away?

[Marblehead]

4. all according to plan..

[Turbineguy]

5. "....may have been the debt ceiling discussions..."?

I think the teabaggers/repubs scared the shit out of most people and overplayed their hand. And since nothing is likely to change that for a while (November 2012) I expect some squirrelly numbers to continue.

[snappyturtle]

7. I don't think this is a squirrelly number. I think it is an indicator of how poorly

people view their personal financial situations. I, for one, am scared....I hug every penny.

[Turbineguy]

11. What I meant by "squirrelly"

was not the quality of the information, but that bad numbers would continue to come.

[SoapBox]

6. Contrasted with this! "Housing bust might have run its course"

Read it here:

http://thehill.com/blogs/on-the-money/1091-housing/178687-housing-market-may-be-nearing-bottom-as-prices-show-gains

[tawadi]

8. People can't spend money if they don't have jobs

It really is that simple.

[zalinda]

9. You got that right !

Unfortunately, they are now gauging the fiscal health of the country by how the stock market is doing.

zalinda

[No Elephants]

14. This is why it's been so important to encourage investment in the stock market.

Even shows on PBS do that.

Heck, if most of American plays the market, directly and/or through an institutional pension plan, the next bailout is going to be that much easier to sell to everyone.

[bemildred]

10. No jobs, no economy. nt

[OhioChick]

12. No surprise n/t

[girl gone mad]

13. k & r