"Confidence takes a fall in October; Bleak job picture hits outlook for holiday shopping" by Ashley M. Heher, Associated Press | October 28, 2009
CHICAGO - Consumers’ confidence about the US economy fell unexpectedly in October as job prospects remained bleak, a private research group said yesterday, fueling speculation that an already gloomy holiday shopping forecast could worsen....
See: Sweets Made Me Sick
Yeah, so I ate a couple walking around, so what?
Recent economic data, from housing to manufacturing, have offered mixed signals but some evidence that an economic recovery might be slow.
WTF?
But yesterday, the figures showed that shoppers have a grim outlook for the future, the board said, expecting a worsening business climate, fewer jobs, and lower salaries.
Unless you are a bankster!
Also see: Banks Back to Doing What They Do Best
That’s particularly bad news for retailers who depend on the holiday shopping season for a hefty share of their annual revenues.
Yeah, the UNEMPLOYED BLOKE isn't important!
“Consumers also remain quite pessimistic about their future earnings, a sentiment that will likely constrain spending during the holidays,’’ said Lynn Franco, the director of the board’s Consumer Research Center. Economists expect holiday sales to be at best flat from a year ago, which saw the biggest declines since at least 1967, when the Commerce Department started collecting the data....
Which means ever!
--more--"
New jobless claims climb more than expected
Consumer confidence slips unexpectedly
You notice a pattern?
"Flat incomes suggest weak spending ahead" by Martin Crutsinger, Associated Press | October 31, 2009
But NOT for the TOP!
WASHINGTON - Flat incomes suggest more weakness ahead in consumer spending, reinforcing concerns about a ho-hum holiday shopping season and a sluggish economic recovery.
Bah-humbug!
Interestingly, when I was a kid, "A Christmas Carol" was on all over the dial like a Dickens on Christmas eve. Now you can barely find it on any channel the whole season.
And even I am doing it! Not even Thanksgiving yet, and I'm talking Xmas. Saw the decorations and aisle merchandise at the CVS today. Big stack of Globes, too.
“This recovery is going to be very weak. Consumers are in no position or mood to spend. Their wages are down and they can’t get credit,’’ said Sung Won Sohn, an economics professor at California State University’s Smith School of Business. Concerns about the economy sparked by disappointing government data on spending and incomes sent stocks down yesterday, erasing the previous day’s big gains.
Which means it is WORSE than they are saying!
See: U.S. Government Lied About Economy
Commerce Department Lies About Economy
Government Continuously Lying About Economy
The Dow Jones industrial average lost about 250 points, and broader indexes also fell. The Commerce Department reported that personal incomes were stagnant in September while the all-important wage and salary category dropped 0.2 percent, as unemployment rose.
Which means it is worse!
Consumer spending - which accounts for 70 percent of economic activity - dropped 0.5 percent, the first decline in five months and the biggest since December. The spending retreat reflected a sharp falloff in auto sales following a spike in August from the government’s Cash for Clunkers program.
Yeah, did you finally get to drive those clunkers off the lot (and notice the MSM left you hanging after it broke down)?
The overall economy, as measured by the gross domestic product, grew at a 3.5 percent rate from July through September, signaling an end to the longest recession since the 1930s.
Except it is NOT OVER and the GOVERNMENT NUMBER is OVERSTATED!
But analysts said the income and spending report underscored fears about a weak recovery. The most pessimistic worry the nation could be headed for a double-dip recession as consumers, concerned about further job losses and their tattered investment holdings, refrain from spending.
Related: From Recession to Depression
Yeah, but DON'T LISTEN TO US!!
And HOW COME YOUR PORTFOLIOS aren't coming back with the banks and market, 'murka?
Some analysts believe that GDP growth, which received a big boost from the government’s stimulus programs in the third quarter, will slow to 2 percent or less in the current quarter.
One day they say they have a lot more money in the pipeline, the next day they say its almost gone. They lie about that like they lie about the job figures.
David Wyss, chief economist at Standard & Poor’s in New York, said a recent spike in energy prices and other problems will depress sales in coming weeks.
Yeah, the ENERGY COSTS are RISING because the DOLLAR is DYING. DEMAND is DOWN so there is NO OTHER REASON!
Well, it has been a long, fun day, but I'm tired and cold.
Good night, readers.
See you tomorrow morning.