Consumer Confidence Plunges

Y’all really don’t have good feelings about the economy, according to the Consumer Confidence Index which dropped to 75 this month from 87.3 in January. That’s the lowest it’s been since the 64.8 of Feb ’03, just before the US invaded Iraq. Furthemore, the “expectations for th next six months index” dropped to 57.9 from 69.3 in January. It might be a good time to start eating less so your stomach shrinks in preparation for the lean times.

Consumer Confidence Down Sharply [NYT]
(Photo: Getty)

Comments

Edit Your Comment

  1. dandd says:

    In all fairness, if you watch TV it tells you at least 20 times a day how bad the economy sucks. Even people who are doing fine financially start to worry after be told to do so for long enough.
    My wife and I are doing better than we ever have before, but she still worries night and day about the economy.

  2. socalrob of the 24 and a half century says:

    @dandd:
    You guys are the lucky ones. I worry about the economy for the fact that I cant find a job. I was doing well, making a good amount of money, but the office I worked for (citigroup) decided that the CEO needed his millions bonus and laid off thousands in order to make a profit and give him a bigger bonus. Now I am unable to find a job with the skills that I have since they are not really in demand . Thats my worry for the economy, finding a decent place to work.

  3. pinkfreud says:

    does this mean ebay prices are higher or lower

  4. dandd says:

    @socalrob: Hey man I feel for you. My previous job went overseas and what was left for the US workers was nothing more than scraps from the table.

    You’ve just got to keep your head up. Economic cycles happen and if you keep trying, I’m sure you will find success once again.

  5. shadow735 says:

    Hey there is always the dollar menu at McDonalds so nobody will end up starving heh heh, maybe the economy will improve once Bush is out of office.

  6. Techguy1138 says:

    @shadow735: Unlikely that the economy will improve for quite a while.

    Normally there are expansions and contractions. During the Bush years we should have had a slight decline. We were headed that way in 1999. Instead just about everything was done to prevent a normal economy. Now that we have delayed the downturn I expect it to last far longer than normal. Maybe up to 2 years longer.

    The war in Iraq is also draining resources away from the federal governments ability to manage the economy.

    The stimulus that Bush is pushing is pretty much just emptying the coffers. There will be nothing left if a real emergency happens.

  7. danms6 says:

    @shadow735: Right, because the president has that much power over the economy. He can only affect taxes and spending, Congress has much more authority in the end. Either way, the tax increases that will most likely come from the next president are exactly what we don’t need.

  8. lemur says:

    Ah yes, we’re getting screwed left and right by the government and big companies and then they are surprised that we’re not optimistic.

  9. mac-phisto says:

    what can i say? the presidents’ day sales weren’t all that impressive. if i’m gonna load some more shit on my nearly maxed out 23.99%APR credit card, i want at least 15% off dammit! ;)

  10. ShariC says:

    @danms6:

    The president has limited direct effects on the economy but numerous indirect ones. Going to war, signing trade agreements that allow more jobs to go overseas so that companies can add to their profit margins by employing cheaper labor, helping out your buddies in the oil industry at the expensive of the public, etc. How much of a profit have oil corporations made in the past 8 years? Since the election is pretty much a done deal, Bush has no incentive to make the lives of Americans better or easier and will sit by and watch the country sink as he plans out his presidential library and a memoir full of excuses.

    That being said, I think what we’re seeing now is the result of people living in a Wal-mart world. If you patronize establishments with the cheapest goods because they were made in China or other places with rock-bottom labor costs, you essentially vote with your dollars that you prefer low-priced goods to American jobs.

    If people don’t reward somewhat more expensive manufacturers and service providers for employing more expensive domestic labor, then they send your jobs away and you encouraged them to do so.

  11. mthrndr says:

    Meanwhile, the Dow is up 500 points in a week. And we’ve yet to have a single quarter of negative growth. I wish people would stop jumping the gun. Sure, there are warning signs, but these days every pundit just wants to be the first to say “I told you so”. I blame rush limbaugh and his second book.

  12. yetiwisdom says:

    Woohoo! Bargain Stock Shopping!