US Consumers Lack Confidence. What's the Big Surprise?
Business Week claimed that some people were surprised by today's drop in Consumer Confidence. I wonder what world these surprised people are living on.
At least somebody mentioned in the article seems to live on the same planet that I do:
"Much of the decline in confidence over the past two months can be attributed to the recent hurricanes, (gas) pump shock and a weakening labor market," Lynn Franco, director of the private research group's Consumer Research Center, said in a statement.
She said the "degree of pessimism, in conjunction with the anticipation of much higher home heating bills this winter, may take some cheer out of the upcoming holiday season."
In a separate report,
Existing home sales hung right in there, with the median home price up 13.4% over last September.