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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Consumer confidence makes unexpectedly sharp fall in early October

Consumer confidence fell by an unexpected amount in early October, painting a bleak picture for an economy driven by consumer consumption.

The Conference Board's consumer confidence index slipped to 47.7 in early October from 53.4 in September. Forecasters expected the October number to come in at 53.1.

The number has to reach 90 before the economy is considered -- at least by this index -- to be solid again,

The consumer confidence number is being driven lower by the high unemployment rate. The official U.S. unemployment rate is 9.8 percent, but the percentage of workers including those who have given up looking for work or are working part time when they want to work full time is now at 17 percent.

The October slump will worry retailers as we head into the holiday shopping season, which supports fourth-quarter earnings.

Consumer sentiment is widely varied around the world, by the way. It's soaring in South Korea, where it's at a seven-year high, but down in Germany, for instance.

-- Frank Ahrens
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By Frank Ahrens  |  October 27, 2009; 10:25 AM ET
Categories:  The Ticker  | Tags: consumer confidence  
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Comments

If we keep away from the television and computer for awhile and do some shopping, consumer confidence will rise. All you read is negative news or hear doomsday predictions. We do it to ourselves, it's time to think positive.

Posted by: shipfreakbo214 | October 27, 2009 11:07 AM | Report abuse

What has the consumer, private business owner or anyone below a Wall Street investor or Bank Executive gained during the Obama Administration...NOTHING!??? Nada, we are footing the bill for the ultra rich to retain and even gain even more than their already beyond imagination wealth! The stimulus job creation!?? It apparently costs about $500,000 + for every $30,000/yr job it created...we call all assume the other $470,000 went to some dirty undeserving out to screw us all fat cat...Even Bush gave us all several fat checks directly. Obama has ignored EVERY PROMISE given to the people who voted him into office and instead chosen to further enrich those with the biggest campaign $$$$ donations, the Wall Street fat cats and Bankers who none of us could possibly compete with in campaign donations. Obama has become perhaps the most transparently bought and paid for schill every to occupy the office of U.S. President!

Posted by: Impeachbush99 | October 27, 2009 11:09 AM | Report abuse

What are we supposed to go buy things with? American employers have been cheapos since Reagan. Obama has to shovel the mess of the last decade out of the way before we'll see any difference. Whining that you're not getting instant band-aid fixes is just stupid.

Posted by: fluxgirl | October 27, 2009 11:12 AM | Report abuse

It just goes to show -- consumers are smarter than the Pollyannas who are trying to lull us back into sleep while they loot our life savings...

Posted by: jerkhoff | October 27, 2009 11:15 AM | Report abuse

I don't believe any of this BS anymore, one month up one down, real estate sales, real estate sales down, recession over, still going, the data is manipulated and means nothing............

Posted by: goziner | October 27, 2009 11:16 AM | Report abuse

Perhaps it is just a long term correction to "irrational exuberance".

Posted by: edbyronadams | October 27, 2009 11:26 AM | Report abuse

When you have a bad congress///then everything is bad..They can lay the blame on anyone they want to...countryside fannie mae and freddie..wall street...the banks...auto makers....on and on but they should quit laying blame and face the facts...its all their doing..Why??? some just don't have a clue...some are corrupt..some are looking out after their self only..They will go down are the worst congress this Republic has ever experienced.

Posted by: lucygirl1 | October 27, 2009 11:29 AM | Report abuse

Maybe confindence will increase when we have a less radical Congress. I think our economy will rebound within the next two years, unless the government's actions cause it to stagnate for years.

Posted by: chrojo01 | October 27, 2009 12:32 PM | Report abuse

The problem is we have an administration that this hung up on "theories"... they have no business background or experience!
They have no clue about how business works,
what drives it... they don't even know what
market competion is (they think the public
government-run option is competition, for example! They're anti-business because they don't understand freemarket system.
So, we're nuts if we actually think an anti-business administration is going to create jobs, aren't we ???!!
Democrats need to get out of running the country and get into the charity business.

Posted by: ohioan | October 27, 2009 1:34 PM | Report abuse

What happened to Obama's promise unemployment would not go over 8? with his wonderful stimulis plan. I have lost confidence in this president and it seems the American people are wising up.

Posted by: buzzychief | October 27, 2009 3:07 PM | Report abuse

Really. That's a shocker. Odumbo the country killer is in office. What else would you expect.

Posted by: askgees | October 27, 2009 5:41 PM | Report abuse

It just goes to show -- consumers are smarter than the Pollyannas who are trying to lull us back into sleep while they loot our life savings...

Posted by: jerkhoff | October 27, 2009 11:15 AM


LOL. Sure, they loot. It's you're stup1d @zz that buys their product. And you call it looting. A definite LIB. He's not even responsible for what he does. LOL jerkhoff for sure. Any questions why the DIMS and Odumbo cannot fix the problems the US faces. Because there no different then this dimw1t. In the last week I have heard the White House blame Deeds and try to remove Odumbo from the equation. Each and everyday there's some sort of We're not to blame. It's not our fault. BS spewed from the DIMWIT HOUSE. There all losers.

Posted by: askgees | October 27, 2009 5:59 PM | Report abuse

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