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Tuesday, 30 December 2008

Job security and earnings saps confidence

Consumer confidence in the US fell to a record low in the US in December signalling that the economy has a long way to go before the economy starts to improve. Historically an upswing in consumer confidence has lead general economic revival by about twelve months.

Even though retailers are slashing prices and oil prices have fallen by over 70% from their peak, consumers are becoming increasingly worried about the outlook for their jobs and incomes.

According to the Conference Board, respondents saying jobs were "hard to get" was 42% in December - up by five percentage points from November, whilst those claiming jobs were "plentiful" dropped to 6.2% from 8.7%.

The level of consumers expecting increased incomes fell to 12.7% in December down from 13.1% in November.

Economic realities have started to bite, forcing consumers to accept the realities that although prices are falling, without a job or with falling incomes lower prices will make little difference.

An upswing in the US economy will lead the upswing in the world economy, it seems like this is still some way off.

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posted by Carl Malways at

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