Consumer Sentiment Hits Lowest Level In Two Years

[Purveyor]

Source: MarketWatch

WASHINGTON (MarketWatch) -- Consumer sentiment fell in November from the prior month, reaching its lowest level in two years, according to a monthly survey released Wednesday.

The Consumer Sentiment index was 76.1 in November, down from 80.9 in October, and "significantly" below the 92.1 during the same period in the prior year, according to the Reuters/University of Michigan Surveys of Consumers.

"Rising prices for fuel and food had a devastating impact on household budgets, and falling home prices have diminished consumers' sense of financial security," said Richard Curtin, director of the survey.

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Households in the lowest third of the income distribution have experienced a "devastating impact" from high fuel and food prices, with 60% reporting a worsening financial situation, according to the consumer sentiment survey.

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According to the UMich survey, buying plans for homes, vehicles, and large household durables fell in November. "The last time views on buying conditions for household durables -- furniture, appliances, home electronics, and the like -- were less favorable was fifteen years ago," according to the survey. "Vehicle buying plans were also at the lowest level since the early 1990's."

Read more: http://www.marketwatch.com/news/story/consumer-sentiment-hits-lowest-level/story.aspx?guid=%7B7E7E8FD6-3D8A-493D-9E1B-3E9405C32B0C%7D

[shraby]

1. The term "consumer sentiment" is misleading..

it suggests that non-buying and no plans to buy are an option and not a mandate dictated by the consumer's wallet, when the dictations of the wallet drives consumer demand.

[ladywnch]

2. 15 years ago....hmmmmm, who was president back in 92....hmmmm

let me think.....oh, yeah, poppy Bush was! funny how family history repeats itself!

[tomreedtoon]

3. Theme song: "I'm Gettin' Nothin' for Christmas"

Stan Freberg wrote it back in the 50's, and it was appropriate. Listen to the song sometime. The bad little kid helps a burglar break into his family's house. Guess what the megacorporations helped the Bushes do? By not buying tons of Chinese crap from them this year, we will send them a message.