Sharp drop in US consumer confidence seen as cooling sign

[acmavm]

http://story.news.yahoo.com/news?tmpl=story&cid=1519&ncid=749&e=6&u=/afp/20040831/bs_afp/us_economy

<snip>

WASHINGTON (AFP) - A sharp drop in US consumer confidence in a survey marked another sign of a cooling trend in the world's largest economy, with a key labor market indicator due later this week.


The Conference Board (news - web sites) consumer confidence index skidded more than seven points to 98.2 in August, down from a revised 105.3 in July, the private research group said, citing increased caution about the outlook for jobs.


"The slowdown in job growth has curbed consumers' confidence," Conference Board consumer research chief Lynn Franco said in a statement.

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"A weaker-than-expected report (below 100,000 jobs) ought to make the Fed think twice about hiking rates again on September 21," said economist Nigel Gault at the research firm Global Insight.

"A stronger-than-expected report (200,000-plus) would strongly back up Fed Chairman Greenspan's view that the recent slowdown will prove transitory."

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[bahrbearian]

1. Do you really think 100,000 Jobs were created this month?

[nadinbrzezinski]

2. NO

[The_Casual_Observer]

3. My guess is that jobs were lost

They have arnload and pickles talking about the "social" agenda tonight. I didn't see mr. snow on the list of speakers. They can't talk about the economy, education, or the environment so I guess it will be strong leadership and warrior spirit instead.

[acmavm]

4. Hell no. Read the posts here. Whatever 'jobs' that were created are

nothing next to the number of jobs we've lost.