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Consumer confidence numbers falling off a cliff (chart)
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This Link is located in the Public Channel Housing Bubble and Bear Links.
Posted by ian 1 year 304 days ago (research.stlouisfed.org). Views: 310
Tags: recession consumer economy housing bubble |
| Related Tags: investing business politics financial credit crisis gold economics |
``These are terrible readings,'' Richard Dekaser, chief economist at National City Corp. in Cleveland, said in a Bloomberg Television interview. ``The popular sentiment right now is that the economy is in deep distress and it's looking towards dim prospects going forward.''
A gauge of current conditions, which reflects Americans' perceptions of their financial situation and whether it is a good time to buy big-ticket items like cars, decreased to 71.7, the lowest level since December 1980, from 77.
Consumers said they expect an inflation rate of 5.2 percent over the next 12 months, compared with 4.8 percent in the April survey. Longer-term, Americans projected prices would increase 3.3 percent, up from a 3.2 percent estimate last month.
Builders' confidence continues to flag. The National Association of Home Builders/Wells Fargo sentiment index fell one point to 19 this month, the group said yesterday.
``The trends are horrific,'' said Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York, who had the closest housing-starts estimate in Bloomberg's survey. ``There's just no reason things are getting any better. Why would you buy a house? Why would you spend money to buy a depreciating asset?''
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