Tuesday, October 27, 2009

Consumer Confidence Skidded "Unexpectedly" During October

It was unexpected for mindless trend trackers, who have no theory behind their forecasts.

The Conference Board said its index of consumer attitudes slipped to 47.7 in October from a revised 53.4 in September, which was originally reported as 53.1.

Trend tracking analysts polled by Reuters had forecast a reading of 53.1. The index level is the weakest since July, when it stood at 47.4, according to the Conference Board.

The present situation component of the survey dipped to 20.7 in October from 23.0 the prior month — its lowest reading in 26 years.

The key to the economy continues to be money supply machinations by the Federal Reserve, and Bernanke hasn't printed any money since February. This means we are headed for a double dip recession.

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