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The report that was released last Tuesday showed that this month’s consumer confidence in US had fall down since August, due to the decline of present situation and expectations component.
The index in consumer confidence had moved to 103.9 this month from an upward revision of 108.5 last month and April at 106.3 as research by the Conference Board. This month’s reading has been expected at 105 by the economists.
The recent index is a gauge in the consumers assessment in the current conditions in the economy, had fall to 127.9 from the unrevised 136.1 last month. There is a fall in the state of economic activity in the next 6 months at 87.9 this month from an upward revision of 90.1 last month.
Lynn Franco, director of the conference board consumer research center, said that "the conditions in the perceived softening in business and employment are the grounds to this months lowering in confidence. While the market is quite subdued in the prospect of short-term economy”
Those who said that the economy is “good” have fallen to 27.4% from 29% last month, in a survey. While those who said the condition was bad increased to 16.4 from 14.6%.
The labor market has also “bad” impression on consumers. While those saying there is plenty of jobs now fall to 27% from 29.1% last month.
The ones who describe jobs as “hard to get” increased in the 6 months comparing to 15.6% last month.
There is also a 17% consumer who has seen few jobs availability from the 6 months comparing to 15.6% last month.
Meanwhile in the Conference Board reports a 16.1% survey that expect better business condition in the next 6 months as compared to the 15.3% last month.
There is an expected worsening in the condition as it increased to 11% from 10.2%. This survey had been based on online mail-ins to at least 5,000 households.
The response will be up to June 1 as the cutoff date.
04:42
Posted on Jun-28-2007
