Las Vegas Real Estate Blog

head_left_image

There is any consumer confidence? ... Not really!

There is any consumer confidence? ... Not really!

Consumer confidence
Biggest declines
Date Event % Change
Oct. 2008 Bailouts & bears -23.4
Oct. 1990 Kuwait oil prices -23.0
April 1980 Iran hostage crisis -20.3
Sept. 2005 Katrina -18.0
Sept. 2001 Sept. 11 -17.0
Aug. 1990 Kuwait invasion -17.0
Nov. 1987 Post-market crash -14.3

Everyday impact  Audio
A Fed rate cut may help the economy, but it won't do much for consumers, says George McBride, senior analyst for BankRate.com.
According to the latest polls the consumer confidence is all times lower. The housing market slump, the weak job market, inflation, the sell-off in the stock markets ... put the consumer in a somber mood.

Consumer confidence declined @ 9.1% from Nov.1987 (Post market crash) to Oct.2008. As bad as consumers think the economy is now, expectations are that it'll get worse before gets better. With job prospects becoming weaker and income staying stagnant the consumer confidence is expected to drop even further.

 

More analysis in First Take.
 
3 comments • Arina S. Hanciulescu • October 28 2008 02:56PM

Comments

There is zero confidence yet the market had a huge gain today !!!  Is a whacky world out there.  I guess there is some quiet confidence out there : )  Or short covering !

Posted by Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate (Owner - RE/MAX Affiliates) about 1 year ago

I have never been accused of being overly optimistic, but I really think things will get better.

Posted by Steven L. Smith, Bellingham, Wa. Home Inspector (King of the House Home Inspection, Inc) about 1 year ago

Steven, Of course it will get better!  it is just a scary economic cycle that is global... toss in the negativity of a presidential election and the average person is not going to be jumping for joy! 

Posted by Robert Rauf (REMN The Real Estate Mortgage Network) about 1 year ago

This blog does not allow anonymous comments