Tuesday, September 28, 2010

The Conference Board Consumer Confidence Index® Retreats

The best numbers on the economy are coming out of Consumer Metrics, followed by ECRI. Everything else is a delayed confirmation. Here's the Conference Board:

The Conference Board Consumer Confidence Index®, which had improved in August, retreated in September. The Index now stands at 48.5 (1985=100), down from 53.2 in August. The Present Situation Index decreased to 23.1 from 24.9. The Expectations Index declined to 65.4 from 72.0 last month

Says Lynn Franco, Director of The Conference Board Consumer Research Center: “September’s pull-back in confidence was due to less favorable business and labor market conditions, coupled with a more pessimistic short-term outlook. Overall, consumers’ confidence in the state of the economy remains quite grim. And, with so few expecting conditions to improve in the near term, the pace of economic growth is not likely to pick up in the coming months.”

Bottom line: We are only a month or so away from confirmations that we are in a new recession down leg.

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