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Craftsman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 11:09 AM
Original message
Worsening job picture fuels slide in confidence


CHICAGO (AP) -- Americans' confidence about the U.S. economy fell unexpectedly in October as job prospects remained bleak, a private research group said Tuesday, fueling speculation that an already gloomy holiday shopping forecast could worsen.


The Consumer Confidence Index, released by The Conference Board, sank unexpectedly to 47.7 in October -- its second-lowest reading since May.

Forecasters predicted a higher reading of 53.1.

A reading above 90 means the economy is on solid footing. Above 100 signals strong growth.http://finance.yahoo.com/news/Oct-consumer-confidence-slips-apf-3163576114.html?x=0&sec=topStories&p
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tonysam Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 11:09 AM
Response to Original message
1. I thought the economy was recovering? I guess not. n/t
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Craftsman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 11:11 AM
Response to Reply #1
2. No decent paying jobs = no recovery
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Craftsman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 11:12 AM
Response to Reply #2
3. No recovery = 2010 dem bloodbath
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joeycola Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:11 PM
Response to Reply #3
9. And once folks realize that the health thingy is very limited and will not
even kick in for about 4 years---it will indeed be a bloodbath.
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Teaser Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 11:13 AM
Original message
because reasoning based on a single datum
is a great way to figure things out!!!
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Craftsman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 11:14 AM
Response to Original message
5. All the data most families need it to look at their pay stub and see how far it spends
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 11:13 AM
Response to Original message
4. There are those living in reality
and there are those living in ivory towers.

I'm surprised they are shocked by this. I could have told them this by driving around my hometown and seeing the vacancies in the distribution centers, reading the reports of credit card companies jacking interest rates and requiring annual fees, and by looking on Monster.com.

:shrug:
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joeycola Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:01 PM
Response to Reply #4
6. I am not shocked as I see the poor job -less pay jobs all around me and
my area.
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:06 PM
Response to Reply #6
7. Our economic genius class
Spend most of their time looking at computer models. You have to remember that these guys are the same guys who were scratching their heads in 2008 when everything fell apart.

They are projecting a 1% decline in Christmas sales this year when unemployment has gone from 7.2% to 10%

They aren't that bright.
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joeycola Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:10 PM
Response to Reply #7
8. I wonder--is that 1 % based on last year's cut back? which was
already down (I forget the figures for xmas season speading from last year). If, so, they are just into conditioning for the
"new norm"
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:14 PM
Response to Reply #8
10. Call me a doom and gloomer
but when more people are out of work than last year and sales declined 3+% last year I would expect a similar decline in the next year.

A 1% decline is an extremely optimistic number. Particularly when you consider the fact that underemployment and unemployment have increased the year.

It's ok they got Christmas sales wrong last year.
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Greyhound Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:18 PM
Response to Original message
11. Reality.
"Forget the politicians. The politicians are put there to give you the idea that you have freedom of choice . . . you don’t. You have no choice. You have owners. They own you. They own everything. They own all the important land. They own, and control the corporations. They’ve long since bought, and paid for the Senate, the Congress, the state houses, the city halls, they got the judges in their back pockets and they own all the big media companies, so they control just about all of the news and information you get to hear. They got you by the balls. They spend billions of dollars every year lobbying . . . lobbying, to get what they want . . . Well, we know what they want. They want more for themselves and less for everybody else, but I’ll tell you what they don’t want . . . they don’t want a population of citizens capable of critical thinking. They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that . . . that doesn’t help them. That’s against their interests. That’s right. They don’t want people who are smart enough to sit around a kitchen table and think about how badly they’re getting fucked by a system that threw them overboard 30 fuckin' years ago. They don’t want that. You know what they want? They want obedient workers . . . Obedient workers, people who are just smart enough to run the machines and do the paperwork. And just dumb enough to passively accept all these increasingly shittier jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and vanishing pension that disappears the minute you go to collect it, and now they’re coming for your Social Security money. They want your fuckin' retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it . . . they’ll get it all from you sooner or later cause they own this fuckin' place. It’s a big club and you ain't in it. You and I are not in The Big Club. By the way, it’s the same big club they use to beat you over the head with all day long when they tell you what to believe. All day long beating you over the head with their media telling you what to believe, what to think and what to buy. The table has tilted folks. The game is rigged and nobody seems to notice. Nobody seems to care. Good honest hard-working people . . . white collar, blue collar it doesn’t matter what color shirt you have on. Good honest hard-working people continue, these are people of modest means . . . continue to elect these rich cocksuckers who don’t give a fuck about you. They don’t give a fuck about you . . . they don’t give a fuck about you. They don’t care about you at all . . . at all . . . at all, and nobody seems to notice. Nobody seems to care. That’s what the owners count on. The fact that Americans will probably remain willfully ignorant of the big red, white and blue dick that’s being jammed up their assholes everyday, because the owners of this country know the truth. It’s called the American Dream cause you have to be asleep to believe it..."


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dysfunctional press Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:19 PM
Response to Original message
12. look for an increase in help wanted ads in the next few weeks...
not that there will be any actual jobs behind them- it'll just be a ruse to get people's christmas shopping spirits up.
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taught_me_patience Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-27-09 12:30 PM
Response to Original message
13. It's dismal out in the job market right now
And it makes moving out of your shitty job hard. As the recession wears on, people are going to be more and more disenfranchised with their current situation but will be unable to do anything about it. I expect confidence to fall further.

Companies are recruiting at my MBA program are offering base packages of 90k, which is well off what it was a couple years ago. Classmates are starting to get pissed that they wasted money and time to get an mba with no financial reward.
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