H
Harry Hope
Guest
From The Associated Press, 12/7/07:
http://www.newsday.com/news/politics/wire/sns-ap-consumer-confidence,0,454656.story
Consumer Confidence Near Two-Year Low
By JEANNINE AVERSA | AP Economics Writer
WASHINGTON -
Consumer confidence barely budged from a two-year low as housing
troubles, a credit crunch, high energy prices and turbulence on Wall
Street continue to make people uneasy about the economy and their own
financial situations.
The RBC Cash Index showed confidence clocking in at 65.9 in early
December.
That hovered close to a reading of 64 in November, which marked the
worst showing since the devastation wrought by the Gulf Coast
hurricanes in 2005.
"There's a great deal of angst out there," said economist Ken Mayland,
president of ClearView Economics.
"There is a great deal of fear and foreboding."
Economists said a host of factors were to blame for the still gloomy
mind-set of consumers.
The collapse of the housing market, which has dragged down home
values, has made people feel less wealthy. Home foreclosures have shot
up to record highs.
Harder-to-get credit has made it difficult for some to make big-ticket
purchases.
High energy prices are squeezing wallets and pocketbooks.
And, Wall Street's gyrations have made some worry about the value of
their nest eggs.
Over the past year, consumers' confidence has deteriorated sharply,
reflecting the toll of the problems facing the economy.
___________________________________________________
Harry
http://www.newsday.com/news/politics/wire/sns-ap-consumer-confidence,0,454656.story
Consumer Confidence Near Two-Year Low
By JEANNINE AVERSA | AP Economics Writer
WASHINGTON -
Consumer confidence barely budged from a two-year low as housing
troubles, a credit crunch, high energy prices and turbulence on Wall
Street continue to make people uneasy about the economy and their own
financial situations.
The RBC Cash Index showed confidence clocking in at 65.9 in early
December.
That hovered close to a reading of 64 in November, which marked the
worst showing since the devastation wrought by the Gulf Coast
hurricanes in 2005.
"There's a great deal of angst out there," said economist Ken Mayland,
president of ClearView Economics.
"There is a great deal of fear and foreboding."
Economists said a host of factors were to blame for the still gloomy
mind-set of consumers.
The collapse of the housing market, which has dragged down home
values, has made people feel less wealthy. Home foreclosures have shot
up to record highs.
Harder-to-get credit has made it difficult for some to make big-ticket
purchases.
High energy prices are squeezing wallets and pocketbooks.
And, Wall Street's gyrations have made some worry about the value of
their nest eggs.
Over the past year, consumers' confidence has deteriorated sharply,
reflecting the toll of the problems facing the economy.
___________________________________________________
Harry
