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Consumer Confidence Lowest Since ’83

From a (brace yourself) surprised Associated Press:

Consumer confidence falls sharply

By Anne D’innocenzio, AP Retail Writer

February 23, 2010

NEW YORK – A monthly poll showed consumers’ confidence took a surprisingly sharp fall in February amid rising job worries. The decline ends three straight months of improvement and raises concerns about the economic recovery.

The Conference Board said Tuesday its Consumer Confidence Index fell almost 11 points to 46 in February, down from a revised 56.5 in January. Analysts were expecting only a slight decrease to 55.

Oh, those analysts.

One gauge, measuring consumers’ assessment of current conditions, dropped to 19.4 from 25.2, the lowest level since 1983.

Yes, this gauge is just the “consumers’ assessment of current conditions” — but really, what else is there? How can anyone assess anything but current conditions?

In any case, wouldn’t you think this news would rate a mention in the AP’s headline or at least the lede paragraph of the article?

The other barometer, which measures their outlook over the next six months and had been rising since October 2009, fell to 63.8 from 77.3.

The overall Consumer Confidence Index hit a historic low of 25.3 in February 2009 but then enjoyed a three-month climb to 54.8 in May, fueled by signs the economy might be stabilizing.

What signs were better between March and May of last year? That is when the unemployment rate went from 8.6% to 9.4%.

Was it our relentlessly upbeat media?

Since then, it has been mired in a narrow range, dropping as low as 47, as rising unemployment took a toll, before climbing again for a three-month stretch

If consumer confidence is to closely tied to unemployment, why should it have risen in the last three months prior to February?

Again, we suspect it has more to do with our cheer-leading mainstream media than anything else.

This article was posted by Steve on Tuesday, February 23rd, 2010. Comments are currently closed.

3 Responses to “Consumer Confidence Lowest Since ’83”

  1. NoNeoCommies says:

    I’m very confident!
    I am confident that the Progressive Agenda will do many things in the name of job creation, but nothing to really create jobs.
    I am confident that the administration and majority in Congress will continue making things worse.
    I am confident that unemployment has not yet peaked.
    I am confident that the electorate are waking up in unanticipated numbers.
    I am confident that we can turn this around by kicking out all of those politicians that have resfused to listen and serve those who voted for them.
    I just wish I could be confident in the electorate to serve their own interests by voting out most of our politicians (of all parties).

  2. proreason says:

    “we suspect it has more to do with our cheer-leading mainstream media than anything else”

    That and 453 speeches painting an alternate reality.

    Isn’t it time for the administration, the media and Hollywood to merge. They could call it Pravdawood.

  3. GetBackJack says:

    Well, there are 535 jobs that pay well, come with lots of prestige and no back talk; great benefits for life, a pension like no other and a lifetime of free trips, speaking gigs, books that get you paid top dollar that never have to sell a copy and lots and lots of interns.

    I suspect until those jobs are at risk, the rest of us matter about as much as facts do to Keith (I’m a Guilty White Man) Olberman.

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