By George Anderson
Consumer confidence fell to its lowest level since 1993 according to the Conference Board’s Consumer Confidence Index.
The survey of 5,000 households on the economy, jobs and individual spending plans highlighted consumer uncertainty in a number of areas. The prospect of war in Iraq, the rising cost of energy, job uncertainty, and corporate accounting scandals have all diminished consumer enthusiasm for spending.
According to the Baltimore Sun, “The percentage of those who expect their incomes to rise six months from now fell to their lowest level since the board began collecting data in 1967”.
The one area of commerce not affected by the ebb in consumer confidence has been housing, where low interest rates have translated into growing sales.
Moderator’s Comment: What is it going to take to turn
the economy around?
Enough already: Companies and consumers would be better
served by attempting to make something happen rather than waiting for the government
or someone/thing making something happen. [George
Anderson – Moderator]