Posted by: jhamon | June 30, 2009

Surprise, Surprise: Consumer Confidence Wanes

MIAMI - MARCH 27:  Juan Carlos Soto who lost h...
Unemployment Office

At the risk of being thought flippant, I’ll say this: it is indeed different this time.  Certainly different from 2001.  We are confronting structural issues that could decades to resolve.  Meantime, (as I have previously posted) having lost our collective confidence in debt, we’re all in for a long, slow adjustment to the new normal.  Not fun to contemplate, but this could be the lost decade

So color me unsurprised to see this morning’s sound bites from Bloomberg:

June 30 (Bloomberg) — Confidence among U.S. consumers slipped unexpectedly in June, reflecting a weak labor market.

“The optimism that started to build over the last few months may be starting to fade,” Michael Gregory, a senior economist at BMO Capital Markets in Toronto, said before the report. “Labor markets are sort of stabilizing in terms of job losses, but the big issue is people are having a hard time finding a job.”

The share of consumers who said more jobs will be available in the next six months fell to 17.4 percent from 19.3 percent. The proportion of people who said they expect their incomes to rise over the next six months decreased to 9.8 percent from 10.8 percent.

The share of consumers who said jobs were plentiful now fell to 4.5 percent from 5.8 percent. Those saying jobs were hard to get increased to 44.8 percent from 43.9 percent.

“Slipped unexpectedly?”  You’re kidding, right?

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Responses

  1. […] 500 Index Tracks Consumer Confidence Lately 2009 June 30 by jhamon After I posted my comments about the consumer confidence numbers, MysteryHedgie sent me this.  (He’s a macro guy who’s always looking at correlations […]


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