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Title: Consumer Sentiment Sinks To Lowest Level in 11 Months (Too bad Obama-bots)
Source: CNBC
URL Source: [None]
Published: Jul 16, 2010
Author: NA
Post Date: 2010-07-16 10:41:37 by Nebuchadnezzar
Keywords: None
Views: 481
Comments: 7

Consumer Sentiment Sinks To Lowest Level in 11 Months Published: Friday, 16 Jul 2010 | 9:58 AM ET

Consumer sentiment weakened in early July to its lowest in 11 months on a resurgence in fears about the economy, a year since the recovery began, a private survey released Friday showed.

The reversal in consumer sentiment was dramatic after it reached its strongest level in nearly 2-1/2 years last month on hopes of better job and credit conditions, according to Thomson Reuters/University of Michigan's Surveys of Consumers.

The survey's preliminary July reading on the overall index on consumer sentiment plummeted to 66.5 from 76.0 in June.

The figure was below the median forecast of 74.5 among economists polled by Reuters.

"Income and job prospects were extraordinarily weak and those bleak prospects have made consumers much more cautious spenders," Richard Curtin, director of the surveys, said in a statement.

This steep pullback in sentiment is ominous for the U.S. economy, which is already showing signs of slowing.

Consumer spending accounts for some 70 percent of the U.S. economy. The latest survey showed consumers' intention to buy durable items such as cars fell to its lowest in nine months.

"Moreover, consumers reported renewed weakness in the economy and were more likely to anticipate additional problems in the year ahead," Curtin said.

The survey's barometer of current economic conditions tumbled to 75.5 in early July, the lowest since November 2009.

This compared with 85.6 in June, which was the highest since March 2008. Analysts had predicted a figure of 84.0 for early July.

The survey's gauge of consumer expectations slid to 60.6, the lowest since March 2009. This compared with 69.8 in June, while analysts had predicted a reading of 68.4 in early July.

The measure on consumers' 12-month economic outlook deteriorated to 65.0 in early July, which was the lowest since April 2009.

It stood at 79.0 in June. In addition to worries about jobs and household finances, consumers expected inflation to pick up in the coming months.

The survey's one-year inflation expectations measure ticked up to 2.9 percent from 2.8 in June, while the five-to-10-year outlook index firmed to 2.9 percent from June's 2.8.

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#1. To: Nebuchadnezzar (#0)

Too Bad, America.

Just can't remember who the last 8 POTUS' were or that the american Worker has been pounded into the ground since 1974, can we?

©©On the right, they deludedly imagine that rampant exploitation of this planet can continue forever as if there is no limit. So controls on fertility to prevent overpopulation is denied, thus the push to eliminate birth control systems such as abortion, and the desire to suck down endless oodles of oil leads to massive oil accidents like the one in the Gulf of Mexico and is at the root of denial about CO2 pollution…etc. The right wants to pretend we can exploit this planet the way we did in the past, forever. So they don’t want to stop, they want to use our military to continue doing this forever.

.

©©There is no unity here. Most Americans want to live in the past. This is common to all empires and is why they have these strange bouts of repression and nostalgia which supposedly bring moral clarity back and restores the empire’s soul by aping the Puritanical roots of the launching of the empire. But this never works. Once we begin down the bumpy road to hell, it is hard to turn away from it.

mcgowanjm  posted on  2010-07-16   10:45:48 ET  Reply   Trace   Private Reply  


#2. To: All (#1)

©©And yikes, the government has grown from 4 million jobs before WWII to over 22 million jobs!!! And I detect no difference between cycles when the GOP ran things and when the Democrats ran things! They are THE SAME> Except for a leveling off during the Volcker high interest rate years. During this spending spree, the government ran in the red, deeper and deeper. Doubling the debt roughly every 8 years, a dangerous trajectory. But on the other hand, the population doubled.

.

©©So…it should be 8 million jobs today if we followed the population growth curve. The main thing here is, low interest rates cause the wrong things to grow if we couple this with free trade and a fiat US dollar international regime. ZIRP lending by the Fed only makes these things worse.

mcgowanjm  posted on  2010-07-16   10:47:43 ET  Reply   Trace   Private Reply  


#3. To: Nebuchadnezzar (#0)

The 'Credibility Gap' between whats real, and what Owe-bama and company say, is growing with each passing week now.

And thats what is unnerving the consumers...hell, the voters overall.

Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.

Badeye  posted on  2010-07-16   10:52:45 ET  Reply   Trace   Private Reply  


#4. To: All (#2)

And there has been no de leveraging by the ONLY 6 banks to 'profit' since the Bailout.

And there has been a 2% INCREASE in the 'Credit Derivatives.'

JPM:

First quarter 2010 revenues were 15% lower, however, than the record $9.8 billion reported in the first quarter of 2009. Since 2000, revenues in the first quarter have been the highest of the year 6 times, and second highest 3 times.

.Credit derivatives increased 2% in the first quarter to $14.4 trillion.

©©More proof we saved the biggest bankers on earth, the exact same people who created and now own 95% of the Derivatives Beast, a hideous economic monster far worse than the pathetically small and helpless Federal Reserve.

mcgowanjm  posted on  2010-07-16   10:58:37 ET  Reply   Trace   Private Reply  


#5. To: All (#4)

In 1990, % rate swaps were under $10 Trillion. It has grown to $220 Trillion in just 20 years. This is the fastest Growing Financial Bizness on earth.

©©Meanwhile, as these same people play cynical games against our own government debts caused by the financial collapse of our banking systems which has caused chaos throughout society, very expensive chaos. Of course, taxes go down and expenses go up during this chaos! No surprise at all. Now, major states are going under and saving them is very easy: the trillion dollars we are wasting in Iraq and Afghanistan and the fight with Iran should go to the states and this fixes many things simultaneously.

.

©©Only, we have little national urge to do this. The stupid Iranian nuclear scientist scheme, for example, cost us $5 million paid directly to him to lure him to Tucson, Arizona. He then pocketed the money and ran off to Iran, laughing all the way, to a hero’s welcome. Sheesh. We have to stop this stupidity. We are creating economic chaos with the boycott of Iran, too. Big time. We make zero profit off of this, of course.

Read the rest:

http://emsnews.wordpress.com/2010/07/15/the-fed-reserve-ruins-jobs-and-cant-be-audited/

mcgowanjm  posted on  2010-07-16   11:01:32 ET  Reply   Trace   Private Reply  


#6. To: mcgowanjm (#5)

The stupid Iranian nuclear scientist scheme, for example, cost us $5 million paid directly to him to lure him to Tucson, Arizona. He then pocketed the money and ran off to Iran, laughing all the way, to a hero’s welcome. Sheesh.

I missed that version of the story. Thanks!

Fred Mertz  posted on  2010-07-16   11:19:39 ET  Reply   Trace   Private Reply  


#7. To: Fred Mertz (#6)

I missed that version of the story. Thanks!

So did I and Everyone else.

The reason. It makes the State look bad.

Can't have that. ;}

mcgowanjm  posted on  2010-07-16   12:03:05 ET  Reply   Trace   Private Reply  


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