Americans gloomy over jobs
By Anne D'innocenzio |
September 1, 2010, Wednesday
|
Print Edition
Print Edition
AMERICANS' confidence in the economy improved slightly in August, but the mood is still gloomy amid job worries, according to a monthly survey.
The Conference Board yesterday said its Consumer Confidence Index improved slightly to 53.5, up from a revised 51 in July. Economists surveyed by Thomson Reuters had expected 50.5. The improvement comes after two straight months of declines.
It takes a reading of 90 or more to indicate a healthy economy - a level not reached since the recession began in December 2007. The index - which measures how Americans feel about business conditions, the job market and the next six months - had been recovering fitfully since hitting an all-time low of 25.3 in February 2009.
But August's reading suggests that American confidence hasn't improved from a year ago, a bad sign for the economy and for retailers.
Economists watch confidence closely because consumer spending accounts for about 70 percent of United States economic activity and is critical to a strong rebound. But worries are rising the economy is growing too slowly to support sustained job growth, and some are concerned it could fall back into a recession.
The slight improvement in August's Consumer Confidence Index was boosted by shoppers' better outlook over the next six months. That gauge rose to 72.5 from 67.5. The other, which measures how consumers feel now about the economy, decreased to 24.9 from 26.4.
"Expectations about future business and labor market conditions have brightened somewhat, but overall, consumers remain apprehensive about the future," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.
New figures issued last Friday showed the economy is weaker than expected and the outlook is bleak.
The Conference Board yesterday said its Consumer Confidence Index improved slightly to 53.5, up from a revised 51 in July. Economists surveyed by Thomson Reuters had expected 50.5. The improvement comes after two straight months of declines.
It takes a reading of 90 or more to indicate a healthy economy - a level not reached since the recession began in December 2007. The index - which measures how Americans feel about business conditions, the job market and the next six months - had been recovering fitfully since hitting an all-time low of 25.3 in February 2009.
But August's reading suggests that American confidence hasn't improved from a year ago, a bad sign for the economy and for retailers.
Economists watch confidence closely because consumer spending accounts for about 70 percent of United States economic activity and is critical to a strong rebound. But worries are rising the economy is growing too slowly to support sustained job growth, and some are concerned it could fall back into a recession.
The slight improvement in August's Consumer Confidence Index was boosted by shoppers' better outlook over the next six months. That gauge rose to 72.5 from 67.5. The other, which measures how consumers feel now about the economy, decreased to 24.9 from 26.4.
"Expectations about future business and labor market conditions have brightened somewhat, but overall, consumers remain apprehensive about the future," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.
New figures issued last Friday showed the economy is weaker than expected and the outlook is bleak.
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