The consumer confidence index numbers were lower than expected. As we know, the job market is hideous and this is impacting the confidence numbers.
This is the story for the next 12 months, lack of a job market and its adverse affect on the economy.
Let me point out that even though jobs are lost and consumer confidence is down, the price of oil is priming the markets. This is a direct reflection of the polar opposites of our economy - even though unemployment is high, investors find oil leads them to the promised land.
Reuters: Dow, S&P rise on energy, but data limit gains
"There is definitely a gathering bullishness around energy at large, which is helping support things..."
The Conference Board's index of consumer confidence fell to 47.7 in October, weaker than the consensus expectation of a reading of 53.1. Confidence was pressured on growing concerns job market conditions would worsen in the near term.
1 comment:
OIL again. No way to build an economy. I guess it's better then Heroin but just as additive.
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