Consumer Confidence Composite Turns Down
From Streettalk Daily X-Change
December 27, 2012 - 4:19pm
The most recent release of the Conference Board's consumer confidence index showed a steep decline not only in current sentiment but also in future expectations. Econoday summed it up well:
"The consumer confidence report shows hard evidence that the fiscal cliff is hurting the consumer's assessment of economic conditions. The index fell 6.4 points this month to 65.1 with weakness centered in the post-cliff outlook, that is the expectations component which plunged nearly 15 points to 66.5. The assessment of the present situation actually is up, rising nearly 5-1/2 points to 62.8 which is by far the best reading of the recovery!
And the assessment of the current jobs market is a highlight of the report with only 35.6 percent describing jobs as hard to get which is down sizably, nearly two percentage points from the prior month. More also describe current business conditions as good and...Continue reading this article »