Tuesday, February 23, 2010
Quick market nosedive as consumer confidence misses big (46 in Feb vs 56.5 in Jan)
Stocks dove immediately as consumer confidence figures were released showing a 10point decline from January's number. Worse, it was 10points below what economists were expecting.
From the report:
Says Lynn Franco, Director of The Conference Board Consumer Research Center: "Consumer Confidence, which had been improving over the past few months, declined sharply in February. Concerns about current business conditions and the job market pushed the Present Situation Index down to its lowest level in 27 years (Feb. 1983, 17.5). Consumers' short-term outlook also took a turn for the worse, with fewer consumers anticipating an improvement in business conditions and the job market over the next six months. Consumers also remain extremely pessimistic about their income prospects. This combination of earnings and job anxieties is likely to continue to curb spending."
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Posted by Brendan Wagner at 7:21 AM