Gauge of consumer confidence falls to 26-year low

[Omaha Steve]

http://www.latimes.com/business/la-fi-econ12apr12,1,887561.story

The Reuters/University of Michigan preliminary index is 63.2, the weakest level since 1982. That and other indicators validate concerns about a shrinking economy.
From Bloomberg News
April 12, 2008

Confidence among U.S. consumers fell to a 26-year low after unemployment increased and gasoline prices surged, threatening the spending that accounts for more than two- thirds of the economy.

The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 63.2 this month. It was the weakest level since 1982, when the jobless rate approached 11%, the worst since the Great Depression. In other figures released Friday, the Labor Department reported that the cost of imported goods climbed 14.8% in March from a year earlier, led by oil.

The reports validate concern among Federal Reserve officials that the economy will shrink in the first half of 2008.

"The pocketbook issues are striking home," said Richard DeKaser, chief economist at National City Corp.

Americans are confronting the loss of 232,000 jobs so far this year, along with higher food and energy costs and overall weakening in the economy. Consumer spending in the first half will advance at the weakest rate in 17 years, according to economists surveyed by Bloomberg News.


FULL story at link.

[MindMatter]

1. Well, yes, that's true, but it doesn't say "bitter"

So Obama must be an un-American devil-person.

Everything is just fine. Let's not change anything. Let's keep the Bush-Clinton-Bush-Clinton cycle going.

Where's Jeb been lately? Will Jenna be 35 by 2012? And I see they're grooming Chelsea. We could keep this up through 2024 easily.

[alfredo]

2. It hasn't been this bad since Reagan's days.

bush is even more of a fuck up than Reagan.