Tuesday, October 27, 2009

Tuesday Musings

Consumer confidence takes a nose dive, missing wallstreet targets by a huge margin.


CHICAGO (AP) - Consumer's confidence about the U.S. economy fell unexpectedly in October as job prospects remained bleak, a private research group said Tuesday, fueling speculation that an already gloomy holiday shopping forecast could worsen.

The Consumer Confidence Index, released by The Conference Board, sank unexpectedly to 47.7 in October - its second-lowest recording since May.

Wall Street analysts predicted a reading of 53.1.

A reading above 90 means the economy is on solid footing. Above 100 signals strong growth.

The index has seesawed since reaching a historic low of 25.3 in February and climbed to 53.4 in September.

Shoppers have a grim outlook for the future, The Conference Board said, expecting a worsening business climate, fewer jobs and lower salaries. That's particularly bad news for retailers who depend on the holiday shopping season for a hefty share of their annual revenue."


XRT taking a major dive today.

No comments:

Post a Comment

Insightful and Useful Comment!