Consumer Confidence Shows Biggest Drop in 15 Years

[Bush_Eats_Beef]

Consumer Confidence Shows Biggest Drop in 15 Years
Tuesday, September 27, 2005

http://www.foxnews.com/story/0,2933,170534,00.html

NEW YORK — Consumer confidence plunged in September, a report said on Tuesday, damaged by Hurricane Katrina, higher gasoline prices and a more pessimistic view of the job outlook.

The Conference Board (search) said its gauge of consumer sentiment "plummeted" in September to 86.6 from 105.5 in August. A Reuters poll of economists had culled a median forecast for a smaller, but still substantial, drop in the index to 95.0.

The business research group said the devastation from Katrina in late August, coupled with soaring energy prices and a souring view of employment prospects, pushed confidence to its lowest since a reading of 81.7 in October 2003.

These factors "created a degree of uncertainty and concern about the short-term future," said Lynn Franco, director of the Conference Board's consumer research center.

[despairing optimist]

1. Or, in other words, the biggest drop since Poppy Bush's administration

There's just something magical about a Bush in the White House, isn't there.