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Consumer Confidence in U.S. Falls More Than Forecast

Posted By admin On February 23, 2010 @ 9:52 am In Prison Planet | Comments Disabled

Bob Willis
Bloomberg News [1]
Tuesday, February 23, 2010

Feb. 23 (Bloomberg) — Confidence among U.S. consumers fell more than anticipated in February to the lowest level since April 2009 as the outlook for jobs diminished, a sign spending may be slow to gain traction as the economy recovers.

The Conference Board’s confidence index declined to 46, below the lowest forecast in a Bloomberg News survey of economists, from a revised 56.5 in January, a report from the New York-based private research group showed today. Concerns about the economy and the labor market pushed an index of current conditions to its lowest in 27 years.

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Consumer Confidence in U.S. Falls More Than Forecast 100210banner1 [2]

Stocks extended losses and Treasuries gained after the report indicated a lack of job growth and impaired household finances threaten to restrain consumer spending. Without sustained growth in the biggest part of the economy, the expansion may be slow to gain momentum.

The economy “may not be out of the woods,” said Steven Ricchiuto, chief economist at Mizuho Securities USA Inc. in New York. Most of the deterioration “is labor market related. Consumer spending is going to disappoint throughout most of the year,” he said.

Full story here. [1]


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URLs in this post:

[1] Bloomberg News: http://www.bloomberg.com/apps/news?pid=20601087&sid=aB7mHopyKv_U

[2] Image: http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=354152106&mt=8#

[3] Consumer Confidence Collapses Massively In June: http://www.prisonplanet.com/consumer-confidence-collapses-massively-in-june.html

[4] U.S. Economy: Consumer Confidence In Record Slump: http://www.prisonplanet.com/us-economy-consumer-confidence-in-record-slump.html

[5] Consumer Confidence Hits Lowest Level of Year: http://www.prisonplanet.com/consumer-confidence-hits-lowest-level-of-year.html

[6] US economy fears as consumer confidence plunges: http://www.prisonplanet.com/us-economy-fears-as-consumer-confidence-plunges.html

[7] Both Consumer Confidence And The Labor Participation Rate Are At A 30 Year Low … That’s Not A Coincidence: http://www.prisonplanet.com/both-consumer-confidence-and-the-labor-participation-rate-are-at-a-30-year-low-thats-not-a-coincidence.html

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