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Consumer Confidence Plunges To 39.8 From 45.4 On Expectations Of A Bump; Lowest Since March 2009
So much for the US consumer confidencing [sic] his way up to buying houses and other stuff. even with 2000x leverage. According to the Conference Board, October Consumer Confidence, plunged from a downward revised 45.4 to 39.8, the lowest since March 2009. The forecast looked for an increase to 46.0. Current conditions were even more horrendous, dropping to 26.3. And with crude on its way back to $100 (thank you Dudley) and gas back to $4.00, this number is not going higher any time soon. But wait, there's more: the jobs plentiful dropped from 5.5 to 3.4, jobs hard to get also dropped from 50 to 46.1, and the cherry on top is that 1 Year inflation expectations are, well, anchored at 5.8% versus 5.7% previously.
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Those HFT machines are sure working hard today: you can just see them try to "grab" and hold.
HFT, Predaor Drones; this is 1984....
At least we know that we can't wave a white flag, the machines don't respect shit.
We must fight on and take the monie supply back from the Terminators.
BUY SILVER
F**CKING HOLY MOTHER OF GOD !!
QE3, QE3, QE3, QE3, QE3, QE3, QE3, QE3, QE3, QE3.
With oil back at $93 dollars a barrel heading into Christmas? I don't think so. But I really hope that MoFo Bernanke does waste another 500 billion buying MBS. Because that would be the end...
He promised a refi bill, the banks need capital. It will be the perfect cover for the next bailout. QE 3 is in the pipeline. It will begin distribution in a month or two.
The oil price does not matter to Bernanke. Oil is not a part of core inflation. It is "too volatile" to measure. And Ivy league economists do not believe in peak resources. The world is covered in oil to them.
If oil goes to $200 a barrel and stays there for a year, inflation is just "transitory" as it measures the rate of change, not an absolute level.
QE is at least 50% of the reason consumer confidence is low: a recent survey showed most people DON'T trust financial insitituions, which therefore means they also know every market is rigged; the Harvard job market, the "free" market, and the stock market.
If they QE with the WTI around 93 it's going to get ugly. They better at least turn those HFT's off for awhile and let the market do what is so badly wants to do before they unleash another LSAP.
The biflation conundrum: we're either on the brink of recession or the brink of killer inflation at all times.
As it always is when a currency system collapses - the tools used to fight a collapsing economy lead to hyperinflation. Happens every time.
QE3 will only come if there's a huge market drop. consumer confidence is a lagging indicator that means next to nothing
I'm feeling sad, so I'm going to go to the mall and max out my newest credit card.
As a consumer of puts, I feel confident.
That says it all
No Santa Claus this year
No Virginia, there is no Santa Claus....time to grow up and get your ass on the corner
Virginia's turned into a whore!
What else do Elites have in store?
Their wealth they will max
With a much lower tax
While the middle-class rots to the core
And make sure you sell enough ass to get yourself a Chinese made iphone. With what's left you can add to McDonald's soaring profits.
More evidence for ECRI's conclusion that the US is ALREADY in recession.
Already...or never left?
That's nice... [sigh]
the EU will double count it, so it's actually 79.6
It's okay. All that matters is the EUR/USD. Crush the USD and the US stock markets go up. Problem solved. No need for a housing price recovery or job creation. Just crush the USD.
100% FUBAR.
Why would they need QE3 if they can maintain these levels without it. Maybe if markets drop significantly, but not at 1240 range.
I was actually starting to feel better... my moods are contrarian.
I love how all the GOP candidates are now releasing their "economic and tax plans".
Like they don't have same puppet masters as current president.
Only tax and economic plan is going to be the massive cut to corporate tax rate and the regular repatriation of overseas profits at 2%.
Yanks are really coming together as a people to solve these problems, as evidenced by this stellar consumer confidence number.
Imagine what a sales tax would d to confidence. It would plummet dramatically, as people would not be able to aford their mercury laced Lucky Charms cereal; without their mercury, Americans will not be able to st fr hours at a time in front of mezmorizing TVs and their alzheimers will go away. Can anyone say, "Zero"?
I say support OWS. At least someone is turning off the TV and getting out there to protest.
All we need is confidence!!
That's what the cheerleaders like to believe. Because if you're broke, up to your eyeballs in debt, and hounded by debt collectors BUT you have confidence!! then everything must be fine. And the people who ran you over the cliff can feel satisfied they did a right good job
October Consumer Confidence, plunged from a downward revised 45.4 to 39.8, the lowest since March 2009.
Wait 'til folks get a dose of +15 cents / gallon of gas (coming to a corner near you). Barry's job performance is going to drop from a propped-up 45.4 to 39.8 by Thanksgiving.
Are those FEDass seriously think that they are helpingthe economy? They are either complete idiots, not 100% corrupt.
From CNBC - everything you need to know about media bias in one blurb:
U.S. consumer confidence unexpectedly dropped in October to its lowest level in two-and-a-half years as consumers fretted about job and income prospects, according to a private sector report released on Tuesday.
That's okay. The bulls will say it has bottomed... again. Doesn't it bottom every month? Haha...
Oh no! Just in time for the 'Buy a bunch of shit for your kids or you don't love them' season!
Hmmm, my confidence is 100. I'm quite confident that the crap I consume is worthless.
Steve LIESman is working harder than all HFT's combined to spin this whole pile of crap into a 8 course gourmet dinner.
What a total sellout fuctard.
Machines rule risk is still on....market wants to turn higher....Ben must ahve the helicopter on the pad....
Pullback to 11k at least before another epic dollar fail a la Bernanke coming. The dollar should test DXY 78 beore the next QE, at which time the DXY will move to 66. Look for 11k to be tested by mid November. Bernanke will begin to lay plans for his next QE, which is the refi bill. It will take a bailout of $1 trillion to be able to keep the banks solvent while Americans refi their underwater mortgages.
This will be one more stake in the dollar. The Euro is unquestionably on life support, and there are two ways it will fail. Greece leaves and goes back to the Drachma, in which case the other PIIGS run and Germany and France own the Euro, or Germany goes back to the Mark and the Euro fails.
If you can't long straddle the Euro, your best hedge is owning precious metal.
Buy silver
Santa Clause is NOT coming to town bitchez!
a little King Dimond...
Christmas time is here again
Santa needs a helping hand
We cannot find his evil sheet
To draw his laying for the night
So all the waiting christmas trees
Gonna hear their master sing....
There's no presents, not this christmas
There's no presents
Tom and jerry, drinking sherry
They don't give a damn
[ Lyrics from: http://www.lyricsfreak.com/k/king+diamond/no+presents+for+christmas_2007... ]
Christmas time is here again
Santa needs a helping hand
It's getting very, very late
St.peter's crossed the golden gate
An donald duck is still in bed
I wonder who he's gonna help
There's no presents, not this christmas
There's no presents
Tom and jerry, all done sherry
They don't give a damn
There's no presents, not this christmas
There's no presents
Tom and jerry, still drinking sherry
They don't give a damn
Doug Short, on just how bad this confidence number really is:
http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php
Of course, we'll only know in retrospect whether this is a 'non-recessionary' month. ECRI says we're in recession already.
The Consumer Confidence is the one of the indicators that does not lie until such time that the Masters of the Universe f**k up the measuring of this indicator.
I agree with buying silver for the medium to long term but I suspect if the banks and specs need cash, they will sell everything including PMs in the short-term. This has happened a couples times in the past, including not long ago when silver went to $26-$27ish. Buy when silver goes to new lows.
All that's happening is predictable, as there are 7 stages that any major economy goes through. Those who know how it works profit and massive wealth is transferred to them. See what one millionaire has to say about the 7 stages countries go through & how you can profit like the ultra-rich during these tough times. See his free video "How To Create Incredible Wealth in Today's Economic Crisis" at:
http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bi...
Hope this helps everyone as it has me.
Dr. Nancy
All those expecting a bump in this number do not live in the real world. Simple as that. Things are not better out here - they're worse, stagnant and with little prospect of being any better for a long, long time.
i am trying to figure if this is a leading or lagging indicator
(Reuters) - "Consumer confidence unexpectedly dropped to its lowest level in two-and-a-half years in October as consumers fretted about job and income prospects."
Here is that "unexpectedly" again. Is Reuters newsroom foggy with hopium smoke?
Far as I'm concerned this is ALL BULLISH as evidenced by insignificant market losses this am.
Markets should have tanked today into BLACK FRIDAY. But patience my biyatchez....it will all get purged...........
(The invisible multiplier is the difference between measured unemployment and the real rate of unemployment which is about 100% of the official number -- that is what will in short order destroy any Santa Claus rally -- stay tuned for holiday grimness.)
The sucking sound is just starting to become louder and louder. More and more people are on the brink, meanwhile the GES better known as the Global Extraction Syndicate has turned up the speed on the vacuum cleaners to suck as much out while they still can. Last time I checked, 68% of GDP is generated from consumer spending. The puppet masters can continue their show all they want however as the strings keep breaking sooner or later the show must come to an end......
The Muslim is really doing a good job. But wait, this is still Bushes fault, ...right?
yes and yes.
good post for you, may be you are being thrown into reality, of a sort anyway.
good job.
When you see idiot peeps givng the hero of Iraq a standing O you have to KNOW that it's true.
U.S. peeps must live in total denial and 10second popcorn reality.
Is it too late to draft Bush for another run?
hahahaha
http://confoundedinterest.wordpress.com
Beat me to it! But look at chart of misery index!!!!!!!!!!!!!!!!!!
As confidence plunges you are going to get an EPIC ramp in SPENDIng by the U.S. CONsumer.
After all, if it's all going to hell why save that unsed credit for a better day.
Peeps will party like 99 if they think the jig (for them) is up.
Buy the momo cinsumer crap.
It's all good!!!!! bitchezz.