Consumer confidence drops as concerns grow over high unemployment

Consumer confidence dropped in early July to its lowest level in more than three years on growing concerns of persistently high unemployment.

Consumer sentiment decreased to 63.8, from 71.5 in June, down to the lowest level since March 2009, according to the Thomson Reuters/University of Michigan's preliminary index released on Friday.

Economists had expected the index to climb to 72.5.

Federal Reserve Chairman Ben Bernanke told lawmakers on Capitol Hill this week that there's a lack of "confidence in the durability of the recovery" and in consumers' "own income prospects."

TR11005 wrote:Confidence will only get worse as the ones that still unemployed come off their exhausted extensions. With 16% or more without regular Full Time Employment, what do the Republicans expect.

This only proves that a big stimulus needs to happen. This time it should be with jobs, not extensions. Get people to work. It would help the mood of the country. They are wasting valuable weather. Need to put young people to work. Even if it is tearing down old buildings. Repair some for the homeless. Why do you want people to live out on the streets?

Need to create jobs for all ages. Construction jobs are not good for older worker and college educated workers.

Hunterforjobs wrote:There is something not being told, I can't put my finger on it, but there is something employers are holding back on, its weird but thats just mygut feeling.

Hunterforjobs wrote:There is something not being told, I can't put my finger on it, but there is something employers are holding back on, its weird but thats just mygut feeling.