Posted on 06/30/2009 10:12:08 AM PDT by SeekAndFind
WASHINGTON (MarketWatch) -- A reading on U.S. consumer confidence relapsed in June, falling to 49.3 from a slightly downwardly revised 54.8 in May, as worries grew about jobs and the economy, the Conference Board reported Tuesday.
Following a large confidence jump in May, consumers grew more pessimistic in June about their present and future. Economists polled by MarketWatch had expected the June result to hit 55.5, continuing recent confidence gains.
"On balance, this was a disappointing report as it has clearly bucked the trend of improving consumer sentiments in the past few months," wrote Millan L. B. Mulraine, economics strategist with TD Securities, in a research note. "Moreover, with the details of the report uniformly weak, we are left with the impression that this was an outright slump in consumer confidence."
The present situation index declined to 24.8 in June from 29.7 in May, while the expectations index fell to 65.5 from 71.5, according to the Conference Board.
"The decline in the present situation index, caused by a less favorable assessment of business conditions and employment, continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak," said Lynn Franco, director of the Conference Board's Consumer Research Center, in a statement.
"Looking ahead, expectations continue to suggest less negative conditions in the months ahead, as opposed to strong growth," said Franco.
The percentage of consumers with plans to buy an automobile within six months fell to 4.6% from 5.7%, while those with plans to buy a home fell to 2.7% from 2.8%, and those with plans to buy major appliances fell to 26.5% from 29.2%.
Consumers' inflation rate expectations for 12 months rose to 5.9% from 5.6% in May.
(Excerpt) Read more at marketwatch.com ...
I meant in terms of the personal animosity and contempt. And this among regular people, not just the activists!
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