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Bloomberg Consumer Confidence Shows Americans Most Pessimistic About Economy In Two Years
While there haven't been many economic data points to highlights the so-called damage to if not the economy, then the confidence of the all important US consumer, data on consumer confidence has been trickling in, and as expected, has been sliding. However, nowhere more so than in the just released latest read in the Bloomberg Weekly Consumer confidence index, whose expectations gauge just tumbled to -31, or the lowest level since November 2011. Bloomberg reports: "Americans in October were the most pessimistic about the nation’s economic prospects in almost two years as concern mounted that continued political gridlock will hurt the expansion. The monthly Bloomberg Consumer Confidence Index expectations gauge plunged to minus 31, the lowest level since November 2011, from minus 9 in September, a report showed today. The share of people projecting the economy will worsen jumped by the most since the collapse of Lehman Brothers Holdings Inc. five years ago. The weekly measure of current conditions fell to minus 34.1 in the period ended Oct. 13, the weakest since March."
Some of the other sliding indicators:
- State of the Economy index worsens to -65.3 from -60.2
- Personal Finance index fell to -0.1 from 4.7
- Buying Climate index fell to -36.9 from -33.5
- Polarization Index (Democrats minus Republicans) at -1.6 from -1.3
- Larger value means greater the divergence in confidence by political affliation
Oddly enough, even the uber rich felt less confident:
- Index for people with incomes above $100k fell to 14.0 from 19.0
More from Bloomberg:
The legislation passed by Congress last night to raise the debt ceiling and fund the government into 2014 may be setting the stage for another round of confrontations early next year. The fiscal impasse in Washington has spared few as today’s report showed consumers across almost all demographic groups grew increasingly distressed.
“The government shutdown has resulted in a startling decline in consumer sentiment and likely business sentiment that will result in a much slower pace of consumption and capital expenditures in the current quarter,” said Joseph Brusuelas, a senior economist for Bloomberg LP in New York. “Should lawmakers kick a decision into early 2014, it is likely that consumer sentiment will keep deteriorating.”
Still, considering the shutdown wasn't really a shutdown, but really an extended vacation, the markets were higher at the end of the "closure" period, and DC was just as dysfunctional during its shutdown than when it operates, we have trouble with the idea that someone, anyone said to their significant other: "honey, let's not buy that [House/iPad/Tesla Model S/1000x P/E stock] because the government is shut down."
However, in a Keynesian world, apparently that's how things work.
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The ACA can be known to do that.
"Will hurt the expansion"- pull the other one
Damn sequester ruined what could be a booming economy.
Bush's fault.
Who?
Maybe it IS Bush's fault! http://cnsnews.com/mrctv-blog/matt-vespa/shutdown-bushs-fault
S&P remains over 1700! No reason for people to be so glum. The US is bursting with boom!
/passes a virtual bong to Doc
I'd hit the thing, but reality is already so screwed up I'm afraid of where it might take me ;)
Americans in October were the most pessimistic about the nation’s economic prospects in almost two years as concern mounted that continued political gridlock will hurt the expansion.
Idiot SHEEPLE!,what frigging expansion?.Damn wish some of these folks woul'd actually OPEN their eyes!.Gets so damned depressing a Nation of idiots.
Come on you morons- buy that fucking dip!!!! Where is my stock rally????
This market needs confident buyers with new money or new leverage...or both!
We shall see.
I would rather buy overpriced farmland over overpriced equities.
Meanwhile, the baffle with bullshit meme has not gone away.
The Philly Fed just blew away expectations.
http://mam.econoday.com/byshoweventfull.asp?fid=456388&cust=mam&year=201...
Taper on again?
After yesterday's cave by the GOP (Grand Old Pussies) I will not participate in this fucked up economy at all (save for food items and a couple necessities. Fuck this god damned country - let if go to fucking hell.
"let if go to fucking hell".
Destination arrived in 2008.
Well 1 thing is for sure, if anyone today still believes in this demican/republicrat 2 wings on the same vulture phony crap, they're real idiots!
Doc Story on the web today says Darden Group customers left and have not returned. In that case Amerika has NOW officially gone to hell.
I agree. That's why I'm still driving an 11 year old car and stopped all the bullshit purchases years ago. I know many other people doing the same cause they're just so sick of the sheer stupidity of it all now.
I wish! I'm doing it, 16 year old vehicle, 15 year old house, everything used until it's used up, worn out. The problem is the wife. Every week more clothes for the kids, planning more trips to Disneyland, 1k pairs of shoes...
"I'm sorry! I promise I'll stop next week! I saved so much on the sale that I HAD TO BUY IT!"
I learned the hard way that nuptial pussy is a lot more costly than that on the open market.
Let the dumbing down continue - we can make billions off the illiterate turds, so spake Zarathurstra
On a positive note, consumers believe the ACA will finally collapse on itself after the new Obama immigration law is passed.
On a positive note, consumers believe the ACA will finally collapse on itself after the new Obama immigration law is passed.
The coup de grâce of the US economy and nation, courtesy of the Cloward-Piven strategy, brought to you by Alinsky devotee Obama and his gang of cohorts, with the assistance of the US Congress and "Supreme" Court.
Hmm...well looks like it's obviously time to print more Clown Bux!
If consumer confidence doesn't improve, something will have to be done about it. Maybe another stimulus check with the government encouraging everyone to go out and spend every last dime they have. How are multi-nationals going to bleed us out of every last bit of our wealth if we don't buy their crap?
"If consumer confidence doesn't improve, something will have to be done about it."
The beatings will continue until moral improves.
What is this Lehman you keep taking about ??? Never heard of it
Nothing bad has ever happened here......All is well.
If debt doesn't matter, then how come I can't buy anything I want with no intention of ever paying it back?
Why doesn't the Fed buy my debt?
It isn't fair that the Fed buys bank's debt and the government's debt, but not mine. Think of the growth if I could buy anything I want and have the Fed pay for it.
It is the exact same concept as QE, so why can't it happen?
Because hitting affordable prices won't matter, imagine the profit margins. You won't even be able to estimate earnings, because no matter what corporations will blow them away. Stocks to the moon, hell to the next galaxy.
Imagine this world. Everyone gets whatever they want and corporations are endlessly profitable.
Isn't this the Keynesian dream?
"If debt doesn't matter, then how come I can't buy anything I want with no intention of ever paying it back?"
You can, congressman. Just tell chair satan what you desire.
Hey, let us at least enjoy the Darwinization of the country for a little while. At least let us have that!
SNR=-10dB
The only things people are buying are guns, ammo, scratch-off lottery tickets, Grand Theft Auto V and Duck Dynasty T-Shirts at Wal-Mart. And I'll be going to Aldis today to stock up on canned food. The depression continues to deepen. Just wait til 2016 when individuals are fined $695 for not being able to afford health insurance. I don't think the masses will be Happy, Happy, Happy!
I'd rather be fined $700 instead of paying $20k for something I don't use.
"guns, ammo, scratch-off lottery tickets, Grand Theft Auto V and Duck Dynasty T-Shirts..."
I can see all that except the Duck Dynasty part... I just don't get it. Probably hits a little to close to home, except the billionaire part!
continued political gridlock will hurt the expansion.
Expansion? WHAT expansion? I don't see no effing expansion...
Better start discounting those Big Hugs Elmo dolls in time to save the holiday shopping season...
Read the reviews on those. They're pretty funny. Basically it's cheap, Chinese crap.
I'd like to see Bloomberger take a "consumer confidence" poll in West Phoenix, South-Central LA, East Chicago, Detroit, and every other shithole.
They might want to invest in Kevlar vests if they plan to do any face-to-face (i.e. grill-to-grill) polling in those areas...
1) there is nothing to buy
2) there is no need to buy anything
3) everything is made like shit, so even if you buy some useless trinket, its made too cheaply.
4) services are getting too expensive (electric, gas, oil, phone, internet tv, all these things are sky rocketing in price), gasoline is somewhat stable but still high.
5) unemployement is high, labor participation all time lows, rents are sky-rocketing even though there is very little demand for rent.
There is not one indicator that says things are getting better.
The stock market says things are getting better. In fact way better, better than ever, and going to get much better in the future.
Are you going to believe your eyes on the ground or the DOW Jones Industrial Average?
Are you going to believe reality, or Obama?
Another innoposite data point on the yellow brick road.
<sp> innapposite
If debt doesn't matter, then how come I can't buy anything I want with no intention of ever paying it back?
Why doesn't the Fed buy my debt?
It isn't fair that the Fed buys bank's debt and the government's debt, but not mine. Think of the growth if I could buy anything I want and have the Fed pay for it.
It is the exact same concept as QE, so why can't it happen?
Because that would be a CRIME!.
Read the story on the woman charged with theft, she fished out $2.87 out of a public fountain for food money!.What a great country!.