Consumer confidence craters in June

[futurebeachbum]

From CNN: "Consumer confidence craters in June"

A key measure of consumer confidence fell in June, reversing a three-month gain, as Americans remain nervous about the job market.

The Conference Board, a New York-based research group, said its Consumer Confidence Index dropped to 52.9 in June from 62.7 in May. It was the lowest level since March, when the index stood at 52.3.

Economists had expected the index to have fallen to 62 in June, according to consensus estimates from Briefing.com.

"Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence," Lynn Franco, director of the Conference Board Consumer Research Center, said in a statement.

I am seeing this my business. Customer projects ramped in the Spring and then demand started dropping significantly in May.

We are (unfortunately) a consumer driven economy. While that's been a good thing for China, it doesn't give us much to fall back on when people quit spending.

I begin to believe that the second trough is on the way.

 

[30ashopper]

Uncertainty about future tax policy is no doubt playing a role in this. People are scared about the future, and they don't trust washington to deal with the situation correctly.

 

[futurebeachbum]

Uncertainty about future tax policy is no doubt playing a role in this. People are scared about the future, and they don't trust washington to deal with the situation correctly.

Its certainly playing heck with the markets today. Europe's woes aren't helping either.