Consumer Confidence Lowest Since Katrina

[Purveyor]

Source: Reuters

NEW YORK (Reuters) - Consumer confidence fell unexpectedly sharply in November to its lowest since after Hurricane Katrina in 2005 on worries about rising gas prices and financial market volatility.

The Conference Board said on Tuesday its index of consumer sentiment fell, for a fourth straight month, to 87.3 from a revised 95.2 in October. The median forecast of economists polled by Reuters was for a reading of 91.6.

It was the lowest level since October 2005, when it was at 85.2, the Conference Board said.

"The reading is approaching the high end of where we would be during a recession," said Michael Schenk, senior economist of the Credit Union National Association, Madison, Wisconsin.


Read more: http://investing.reuters.co.uk/news/articleinvesting.aspx?type=tnBusinessNews&storyID=2007-11-27T154720Z_01_N27472185_RTRIDST_0_BUSINESS-USA-ECONOMY-CONFIDENCE-DC.XML

[notanotherday]

1. but.. but... the consumers are buying and spending money like crazy this holiday!

I do not understand what is going on.

Some are saying consumers are spending this year like crazy,

and Wall Street is running scared..

what is going on?

[celestia671]

3. Credit Cards

There was a story on the news tonight about more people using cc's to pay for Christmas stuff. January is gonna be a bumpy month, economy wise!

[Supersedeas]

2. nothing to see here -- feed them the best Black Friday stories ever