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Consumer Confidence Plunges This Month

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posted on May, 29 2012 @ 10:39 AM
Despite what the media, the financial pundits and our leaders say, does anyone really believe we are rebounding economically?

If you do believe we've turned the corner on this economic crises then you appear to be in the minority.

Americans feel worse about the economy in May than they have in eight months as worries about the weak jobs, housing and stock markets continue to rattle them.

The Conference Board, a private research group, said on Tuesday that its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April.

The May figure, which represents the biggest drop since October 2011 when the measure fell about 6 points, shows that consumers need more encouraging news before their concerns start to dissipate. Despite easing gas prices, Americans continue to be concerned about slow hiring, declining home values, big drops in the stock market and a worsening European economy that they fear will negatively impact the U.S.

This is not terribly surprising. The great majority of people I know personally are considerably worse off today then a year ago, three years ago or even ten years ago. And it just doesn't appear to be improving in any meaningful way.

The consumer confidence measure has zigzagged so far this year, dropping in January, rising in February and holding nearly steady after that. Analysts were hoping a slight rise in May would give some credence to the idea that the economy is stabilizing.

And then there is the domino effect. Like a snowball picking up momentum as it heads down a hillside.

Meanwhile, recent signs that an economic slowdown is spreading beyond Europe to fast-growing countries like China has raised fears that U.S. companies could pull back on hiring as demand weakens for their products. The housing market also is still weak, and many consumers are seeing their retirement plans shrink as stock prices fall.

Consumer confidence in the economy plunged in May

It really doesn't seem like we are anywhere near to being out of the woods on the economic front. And the people seem to know it and sense it.

How much further are we going to slide? I guess time will tell. What are you seeing/sensing from your neck of the woods?


posted on May, 29 2012 @ 10:42 AM
Our market is fine.

I work for an Investment Banking firm. People are still earning rewards for investing, and still pushing ahead.

Most consumers are stupid, and operate off a sheep mentality.

They operate off of fear.

If they were smart - they would wait for the market to crash - buy a ton of stocks, and laugh all the way to the bank as peoples worst fears aren't realized and the stock rises.

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