Skip to comments.Consumer confidence falls on gloomier jobs view (consumers grow more pessimistic in June 2009)
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 ...
What leaps off the page is that the confidence level is falling even with State TV continually praising the deeds of the 0bama administration.
But, but, but... ABCNBCCBSCNNMNSNBC says there are green shoots! Ignore the numbers... Obama says projections are up! Hopes are up! The new numbers should be coming in any time now! Annnnnnnd... He’s created or saved something like 1,500,000,000,000,000,000 jobs!
Yeah, green shoots, but Obama is Round-up.
just wait till they get a gander at their first post-Waxman-Markey electric bill...
The problem is not the so-called stimulus plan but what its real intent was about: not to stimulate anything but to buy votes at election time.
Hey, -—— They wanted “Change” !
They are getting “Change” ......
I hope all the people that voted this Fraud into office have a nice long look at how things are Changing.
On CNN, some news chick was crowing about the latest market rally and how we are all happy now and more supersonic unicorn crap. They are so driven to see their guy be sucessfull, they can see the forest for all those damn trees in the way. Hey news chick, run full speed ahead until your forehead contacts a nice East Texas pine tree. Might knock some sense in to ya.
shouldn’t this be in breaking news?
The Hussein worshipping media isn’t trumpeting this newz.
My business started falling off last fall gradually and bottomed out in March. April was a little better, and May was pretty good. June however was pretty bad and felt a lot like January and February. The phone is hardly ringing now, except for cold calls from other businesses trying to sell me something.
I smell double dip recession and I am getting nervous.
Wasn’t it at like, 106 in January of 2007? How could it have fallen so much?
What was it that happened in January of 2007? I just can’t put my finger on it...
The only folks who are happy are Democrat activists because the "Economic Stimulus" is a trillion dollars in campaign money.
Where are the jobs Obama?
Reality bites the Baraqqis.
Despite the snow job from the MSM, there is hope for the 2010 elections.
We need to push hard to stall Cap N Tax and Obamacare.
Just got word today of a 5 percent pay cut. Crap. We hit our target in the first quarter, but not for the second it looks like...