Consumer confidence levels at 18-month low

first_imgThe overriding worry, though, is that consumers will cut back on their spending, dealing a blow to the economy. “There are definite risks if people get sufficiently spooked,” said Bill Cheney, chief economist at John Hancock Financial Services Group. “If you believe the only thing we have to fear is fear itself, well, we got the fear, so we better fear it,” he said. A measure looking at peoples’ attitudes about investing, including their comfort in making major purchases, fell to 88.3 in September, from 97.9 in August. Individuals’ feelings about the economy’s prospects and their own financial fortunes over the next six months plunged to 14.4, compared with 43.9 in August. The new reading was the fourth weakest showing on record. Peoples’ feelings about current economic conditions, meanwhile, slid to 90.5 in September, from 105.6 in August. Credit problems in mortgage and other markets make it likely the worst housing slump in 16 years will persist well into 2008. Foreclosures and late payments are spiking. Lenders have been forced out of business. The carnage has wreaked havoc on Wall Street. Economic growth in the current July-to-September quarter is expected to slow to an annual rate of around 2 percent. That would be half the pace logged in the April-to-June period and would constitute a subpar performance. With growth cooling, the job market – and wage growth – also could lose ground. The first major crack appeared in what had been a mostly sturdy employment environment when the government reported last week that employers cut 4,000 jobs in August. It was the first monthly decline in national payrolls in four years. A measure tracking consumers’ sentiments about employment conditions dropped to 113.6 in September, the weakest reading in nearly 1 years.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Against this backdrop, analysts say the chance the economy might fall into a recession is growing. Still many are counting on the Federal Reserve to cut interest rates next week. Such a move could give people and companies an important psychological boost. It also might make them more inclined to spend and invest, which could help energize economic activity. Economists keep close tabs on confidence barometers for any clues about consumers’ willingness to spend. Consumer spending accounts for a big slice of overall economic activity. In August, consumers spent moderately; it was also a month when their confidence had gone up. A government report Friday showed retail sales rose 0.3 percent last month, down from 0.5 percent in July. August’s gain, however, was smaller than analysts had expected. WASHINGTON – Shaken by housing and credit woes, peoples’ confidence in the economy sank to its lowest point in nearly 1 years, raising fresh worries about their appetite to spend in the months ahead. The RBC Cash Index showed consumer confidence clocking in at 71.1 in September, a sharp drop from August’s reading of 89.3. It marked the worst showing since May 2006. The index is based on the results of international polling firm Ipsos. “Consumers are rattled to the bone,” Richard Yamarone, economist at Argus Research, said of the latest confidence reading. The deterioration comes as Wall Street has been suffering through a mood swing of its own, sending stock prices careering wildly. The deeper consumer angst also comes after troubling news last week that the economy lost jobs for the first time in four years. last_img read more

Chelsea coach brands Tottenham star overrated

first_imgAnd Lollichon insists the PSG man should be the new no.1 for France.He went on: “I didn’t wait until Thursday to discover Alphonse. For me, he’s the best current French goalkeeper. He has all the characteristics to be France’s number one.“The height, ability with ball in his feet, wingspan, his diving ability, footwork. He’s the most adapted to how they play.” Every Championship club’s best signing of the decade, including Taarabt and Dack Latest Football News possible standings Every current Premier League club’s best kit from the past decade REVEALED Best clips, calls and talkSPORT moments of 2019, feat Hearn, McCoist and more How the Premier League table could change after the Boxing Day fixtures Which teams do the best on Boxing Day in the Premier League era? impact ADVICE England’s most successful clubs of the past decade, according to trophies won Chelsea coach Christophe Lollichon believes Tottenham star Hugo Lloris is overrated and shouldn’t be France’s No.1 goalkeeper.Lloris missed their 0-0 UEFA Nation’s League draw with Germany through injury, allowing Paris Saint-Germain’s Alphonse Areola to make his debut. Top nine Premier League free transfers of the decade center_img silverware RANKED Every time Ally McCoist lost it on air in 2019, including funny XI reactions Forbes list reveals how much Mayweather, Ronaldo and Messi earned this decade The 25-year-old was superb in the clash, earning plaudits from all quarters, despite him currently being No.2 to Gianluigi Buffon for his club side.And Lollichon, who has overseen the development of Petr Cech and Thibaut Courtois at Stamford Bridge, was one of those to praise him, but not before taking a swipe at Lloris.He said: “People live in a dream world when it comes to [Hugo] Lloris a bit too much, but for me Areola is above.“Against Germany, he was positionally very good and in his ability to come out. It’s the basis of all goalkeepers, but not everyone does it well. He’s pro-active in his anticipation.” BEST OF 1 MONEY highlights smart causal Ronaldo warned Lukaku how hard scoring goals in Serie A would be before Inter move Hugo Lloris and Alphonse Areola in France training during World Cup 2018. last_img read more