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Consumer sentiment fell to its lowest level in two years in November, according to the Reuters/University of Michigan Surveys of Consumers.The figure was 76.1, above the 75 expected by economists but below October's 80.9 level, according to a Reuters report. What a shock.
This holiday season, many consumers aren't feeling that thankful for the worst housing market in 16 years -- according to the National Association of Realtors, housing prices fell in one-third of U.S. cities. Gas prices reaching $4 per gallon is further spooking people already nervous about the volatile stock market and the weak dollar. Oh, let's not forget about the prospect of $100 oil.
"We're facing extreme price increases in energy, and it's clear the consumer is becoming more aware of the pressures being put on them,'' Lindsey Piegza, an analyst at FTN Financial, told Bloomberg News. "I don't expect a collapse in spending, but it will be very weak for the holidays.''
Economists surveyed by Bloomberg are expecting consumer spending to grow at a 2% pace in the final three months of the year, after rising 3% in the third quarter. Shares of Wal-Mart Stores (NYSE: WMT), Target (NYSE: TGT) and Kohls (NYSE: KSS), along with the continuing weakness of the financial stocks and airlines pushed the S&P 500 Index into negative territory for the year.
To be sure, there are some bright spots.
As Reuters notes, the number of U.S. workers applying for jobless benefits fell by 11,000 last week, which was in-line with expectations. Meanwhile, first-time claims for unemployment benefits fell in the week ended Nov. 17 to a seasonally adjusted 330,000 from an upwardly revised 341,000 the prior week, the news service says.
But for now, many people see the glass as half-empty rather than half-full. As one CNBC pundit put it: "fear is kicking our butt."
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Reader Comments (Page 1 of 1)
11-21-2007 @ 2:05PM
R. Dietl said...
We have a booming economy for the past seven years. The Democrats are in power one year and the economy appears to be changing.
Oil prices are high and the democrats have blocked drilling in Alaska, the Gulf and the building of new refineries that would have lowered prices.
For one year we hear the Democratic message "raise taxes".
The sub-prime mortgage mess is because money was lended to people that can't afford a house. Another Democratic program?
The manufacturer sector is in shambles because the Democrats have protected the union that ruined the industry. Five thousand employees sitting in the lunchroom and being paid because its in their contract.
Democrat control one year--accomplishment--"0".
11-21-2007 @ 3:19PM
topgon said...
after 7 years of the all but collapsed US economy still the RepublCANTS still do there best to undermine the people and the military and country in general. Is about time we kick all the incumbents out (including all the Dems that are repugnants in denial) we don't need to impeach bush & ceny we neeed to use advaced intaragation tecinques to find out what they have done that we still havent discovered.
Nice that the "w" is ushering in his second recession in 7 years sure makes old Bill Clinton look good
11-21-2007 @ 3:19PM
topgon said...
You you realy beleve the BS you type? Hey it the greedy repulacants that made the deals on the houses and I'd like to see this unoin job with thousands (probaly not even a dozen) workers sitting in the lounch room getting paid. What about all these maulti millanare CEO's that are getting payed to do anythin but run the company or rade the company tresurey?
It isnt the US workers making the products soked in lead from china its the big busness Republacants.
Lets face it the Bill O' LIElely loving war mongering corprate raders like you " R. Dietl" are on there way OUT.
11-21-2007 @ 3:22PM
topgon said...
You you really believe the BS you type? Hey it the greedy repulaCANTS
that made the deals on the houses and I'd like to see this union job
with thousands (probably not even a dozen) workers sitting in the
lunch room getting paid. What about all these multi millionaire CEO's
that are getting paid to do anything but run the company or raid the
company treasury?
It isn't the US workers making the products soaked in lead from china
its the big business RepublaCANTS.
Lets face it the Bill O' LIElely loving war mongering corporate raiders
like you " R. Dietl" are on there way OUT.
11-23-2007 @ 10:02AM
Texan said...
What are you people thinking? Politics? More money? While everyone is up here bickering about B.S. the vast majority of working people are busting their butts to make a bunch of political idiots rich. Politicians in general have forgotten what they were established for. Yes, we need leaders, there's no denying that, but the very people we place into our offices respectfully...all the way up to Daddy Bush himself...have filled themselves with the notion that they are there to keep taking away from us without giving something back in return[except higher taxes and greater deficits].
The fact is, our blessed Gov't needs to rethink their tenuous positions in office. Instead of finding new ways to spend money or new ways to kill people, they need to be worrying about how they're going to feed and clothe all of us when the money is gone. They need to quit fulfilling their insecure need to feel their positions should to be justified...we put them there and they need to take care of us, not break us.
Over the years there have been some monumental mistakes made in our Gov't and we, as a people, have had to pay for them all. When do we get our reprieve from the very same tyranny that caused us to fight the war for independance? When can I quit paying our Gov't for services they aren't rendering? And, when will they become more concerned about our U.S. citizens than they are about foreign affairs?
When our Gov't quits jumping on bandwagons and starts doing something for us, then our deficit will drop and we'll be able to support our own families without welfare or Social Security as a means of survival.
Just think about this reality and really let it soak in because all the trivial paranoia and self fulfillment is costing us more than we can pay... and Democrats and republicans need to come off the soap box and just be AMERICANS.