Jay, Who the hell do these consumers think they are...........I suspect they are all Bear's family, what do you think?
Consumer morale hits 2-year low in November: poll
NEW YORK (Reuters) - A measure of consumer confidence dropped to a two-year low in November, weighed down by housing market turmoil and surging oil prices, according to a survey released on Tuesday.
Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP economic optimism index dived to 43.8 from October's 47.3.
November's was the third-lowest reading in the series' nearly seven-year history, after those of September and October 2005 in the aftermath of Hurricanes Katrina and Rita.
A figure below 50 indicates pessimism, and November was the eighth straight month that the index was in pessimistic territory, IBD/TIPP said in a statement.
"Americans are spooked about the future," said Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD's polling partner. "High fuel prices, rising retail prices and the mortgage crisis are also to blame."
There are concerns that the troubles in the housing market, which have resulted in credit-related losses and massive layoffs at U.S. financial institutions, could constrain consumers' ability to spend and crimp economic growth.
Declines were registered in two of the three key components of the index -- the six-month economic outlook and personal financial outlook, IBD/TIPP said.
About 924 adults were surveyed from November 2 to November 8. The margin of error was plus or minus 3.3 percentage points.
Consumer morale hits 2-year low in November: poll: Financial News - Yahoo! Finance