As expected, more bad news in January
Headline reads: "Consumer confidence darkens further in January" and we aren't surprised by it, are we. The article is written by ANNE D'INNOCENZIO, AP Retail Writer. Here are a few excerpts from newly released numbers this morning.
"The Conference Board said its Consumer Confidence Index edged down to 37.7 from a revised 38.6 in December, lower than the reading of 39 that economists surveyed by Thomson Reuters had expected. In recent months the index has hit its lowest troughs since it began in 1967, and is hovering at less than half its level of January 2007, when it was 87.3.
The Present Situation Index, which measures how shoppers feel now about the economy, declined slightly to 29.9 from 30.2 last month. The Expectations Index,which measures shoppers' outlook over the next six months, decreased to 43.0 from 44.2.
The downbeat report prompted Wall Street to give up an early advance. The Dow Jones industrial average was down 17 points at 8,098 after being up as much as 85 points." I will add that since the article has appeared, the Dow is now up 67 points.
There was IBM news of expected layoffs today of about 2,800 adding to an already bad week of announced layoffs. Corning announced layoffs of 3,500 jobs as well.
"The Conference Board said its Consumer Confidence Index edged down to 37.7 from a revised 38.6 in December, lower than the reading of 39 that economists surveyed by Thomson Reuters had expected. In recent months the index has hit its lowest troughs since it began in 1967, and is hovering at less than half its level of January 2007, when it was 87.3.
The Present Situation Index, which measures how shoppers feel now about the economy, declined slightly to 29.9 from 30.2 last month. The Expectations Index,which measures shoppers' outlook over the next six months, decreased to 43.0 from 44.2.
The downbeat report prompted Wall Street to give up an early advance. The Dow Jones industrial average was down 17 points at 8,098 after being up as much as 85 points." I will add that since the article has appeared, the Dow is now up 67 points.
There was IBM news of expected layoffs today of about 2,800 adding to an already bad week of announced layoffs. Corning announced layoffs of 3,500 jobs as well.
Labels: Consumer Confidence, Corning, Dow, Expectation Index, IBM, layoffs, Present Situation Index
posted by Charles Amico at 8:56 AM
1 Comments:
found a great article on greenfaucet that breaks down the layoffs and economic factors. worth a quick read.
http://www.greenfaucet.com/economy/technicals-point-to-more-of-the-same/67177
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