Consumer Confidence in U.S. Remains Near Record Low as More Jobs Are Lost

[Purveyor]

Source: Bloomberg

By Courtney Schlisserman

March 31 (Bloomberg) -- Confidence among U.S. consumers stayed near a record low in March, held back by job losses and fears of further hardship.

The Conference Board’s index increased to 26 this month from a revised 25.3 in February, the lowest reading since data began in 1967. A separate report showed home values plunged by a record in January.

Three straight months of more than 650,000 job losses and shrinking household wealth indicate recent gains in consumer purchases may not be enough to keep the recession from lasting through much of the year. The lack of confidence could also limit the impact of tax cuts and incentives in President Barack Obama’s stimulus plan.

“Accumulating job losses, falling home prices, rising gasoline prices, tighter credit standards, and financial-market volatility have all damped household attitudes about the economy,” Steven Wood, president of Insight Economics LLC in Danville, California, said before the report.

Economists forecast confidence would rise to 28 from a previously reported record low of 25 in February, according to the median of 68 projections in a Bloomberg News survey. Estimates ranged from 21.2 to 35.

Read more: http://www.bloomberg.com/apps/news?pid=20601068&sid=arWQ5udcV75k&refer=home

[No Elephants]

1. See, Phil Gramm was right. It's all the fault of the fraidly cat consumer. (sarcasm)

[CatholicEdHead]

3. You mean our collective "mental recession"

:sarcasm:

[w4rma]

2. Trillions are being handed off to Wall Street con artists and regular Americans are getting shafted.

That stimulus bill was tiny compared to what Wall Street was given with no strings attached.

[acmavm]

4. That's absolutely correct. And that's another indication of where

the administration's priorities lie.

[soccermomforobama]

5. How much has the Obama administration given Wall Street?

[BumRushDaShow]

6. About $115 billion of the remaining $350 billion of TARP money

http://www.usnews.com/blogs/the-home-front/2009/03/30/tim-geithner-135-billion-of-tarp-cash-left.html">Where Geithner claims there is $135 billion left.

But he had nothing to do with the release of the initial half - the $350 billion that people keep forgetting was handed out by Bush and Paulson...

[NickB79]

7. "Estimates ranged from 21.2 to 35"

What jackass estimated 35, and what is the color of the sky in his/her world?!?! :rofl:

[Chisox08]

8. When people no longer have jobs or

fear that they might lose their jobs in the near future no spend money that they do not have. The only way to stimulate the economy is to give people jobs that pay a living wage. I don't want to hear another thing about "Consumer Confidence" until I hear about people getting jobs.