U.S. Consumer Confidence Unexpectedly Declines to 63.8 From 71.5 in Index

[marmar]

(Bloomberg) Confidence among U.S. consumers unexpectedly fell in July to the lowest level in more than two years, adding to concern that weak employment gains and falling home prices may keep households from spending.

The Thomson Reuters/University of Michigan preliminary index of consumer sentiment decreased to 63.8, the weakest reading since March 2009, from 71.5 the prior month. The gauge was projected to rise to 72.2, according to the median forecast of 62 economists surveyed by Bloomberg News.

Smaller jobs gains, falling home values and concern over the outcome of government debt talks may be jarring Americans, underscoring Federal Reserve Chairman Ben S. Bernanke comments to Congress earlier this week. The figures raise the risk that household spending, which accounts for about 70 percent of the economy, will continue to cool.

“There’s certainly been a lot of negative headlines, with the very weak employment report a week ago and the ongoing debt limit impasse,” said James O’Sullivan, chief economist at MF Global Inc. in New York, who predicted the gauge would fall to 68.0. ...............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-07-15/u-s-consumer-confidence-unexpectedly-declines-to-63-8-from-71-5-in-index.html

[NC_Nurse]

1. Perhaps people have finally realized what a bunch of losers they elected to run the country.

[gratuitous]

2. What a surprise

The wealthy are doing better than ever! Why aren't consumers happy about that?

[elleng]

3. 'Unexpectedly?' REALLY???

[lumberjack_jeff]

8. Yup. Never coulda predicted. n/t

[CleanGreenFuture]

11. I wish there were an easy way to compile all the UNEXPECTED economic headlines for the past 3 years.

[Aerows]

4. That's not unexpected

The price of every damn thing in the store has gone up, gas prices are up, insurance premiums are up, and wages are stagnant and unemployment isn't improving.

Why would you have tremendous confidence as a consumer?

[The Big Vetolski]

9. Just goes to show how out of touch the wealthy are from the rest

of us. They have as little contact with the rest of us as possible, and Bloomberg is a news service of and for the ruling classes. THEY are doing well, so what's wrong with the stupid serfs? Why aren't they spending?

It also goes to show that our rulers really aren't that smart.

[nadinbrzezinski]

5. People know things are not that secured

I know we are holding to our cash tightly.

[Dept of Beer]

15. It's easy to hold onto change.

[iwishiwas]

6. ? unexpectedly? whow. heads in sands!!

[Safetykitten]

7. This is a riot! They thought it would only decline to 71!

[CleanGreenFuture]

10. Yet another in a 3-year long period when every single economic report has "unexpected" results. It's

just gotten comical at this point.

EVERYTHING is UNEXPECTED.

[Dept of Beer]

16. "Who could have imagined...'

Not the economists, but just about everybody else who is suffering though. :eyes:

[Tierra_y_Libertad]

12. People not having the money to consume much will do that.

[WorseBeforeBetter]

13. If they "improve" Social Security and Medicare, this is one consumer...

who will be spending even less. Is that what they want?

[MineralMan]

14. Why is that unexpected? We're on the verge of defaulting

on our national debt. Who wouldn't be worried.

[Dept of Beer]

17. I believe that there are other factors than just that.

Jobs outlook.

Inflation.

Fuel costs.

General malaise.


But the good news is have you been watching dancing with the stars...:crazy: