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October 28, 2008
Consumer Confidence Rattled In October
Consumer confidence fell to a record low in October, dropping 23.4 points from the previous month to 38.0, the Conference Board said Tuesday. Analysts were expecting the indicator to settle at 51.5 and were shocked by the precipitous drop.
While many saw the news as a clear sign of a consumer-driver recession, the Dow managed to close up 11% on Tuesday, due to stronger-than-expected news from Blue Chip companies.
Since the confidence figures were compiled earlier in the month, it could be that they are trailing indicators that don’t reflect the current economic situation.
Posted by Blacks on October 28, 2008 01:41 PM
