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

Early Nov. consumer sentiment drops

Consumer sentiment in early November dropped to a reading of 66, well below expectations, which predicted a reading of 71.6 percent, according to data released moments ago.

According to the Reuters/University of Michigan consumer sentiment index, consumers turned pessimistic in early November after sentiment rose in October to 70.6.

Stocks briefly turned negative in response.

The numbers represent a numerical summary of a survey of how consumers feel about the state of the economy right now and how they expect it to be in six months.

The lower number in early November could spell trouble for holiday retailers hoping for a big buying season to bolster fourth-quarter results.

We'll know more when we see the sales reports from Black Friday, or the big shopping day after Thanksgiving, in a couple of weeks.

-- Frank Ahrens
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By Frank Ahrens  |  November 13, 2009; 10:12 AM ET
Categories:  The Ticker  | Tags: consumer confidence  
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Next: Long-term unemployment at all-time high, looks like it's here to stay

Comments

Of the $1 billion in clean-energy stimulus money spent since the beginning of September, $850 million has gone to foreign wind companies. It doesn't take a bunch of experts at a hastily planned "jobs summit" to discover this isn't the way to bolster employment in America.

Indeed, the 11 U.S. wind farms that received stimulus money from the Treasury have imported 695 of the 982 wind turbines to be installed, creating 4,500 jobs overseas. That's far more overseas work than the stimulus money has created in the United States.

On Oct. 29, a joint venture of American and Chinese companies unveiled plans for a new $1.5 billion wind farm in West Texas consisting of 240 Chinese-made turbines. The project is seeking 30 percent of its funding in government stimulus dollars. At best, hundreds of millions of taxpayer dollars will create a grand total of 30 permanent jobs. That's $15 million for each job if the project gets the expected level of federal funding.

Posted by: Cornell1984 | November 13, 2009 10:24 AM | Report abuse

The problem with the economy is, too many predictions.

The economy will mend on it's own.

What tomorrow brings, we cannot know.

Posted by: riain | November 13, 2009 10:32 AM | Report abuse

Yes we can know what tomorrow brings based on what's happening today. We will continue to see jobs go overseas and not come back. We will continue to see greed and corruption destroy government and business. We will continue to see the military-industrial complex support more wars. And we will continue to see an ignorant America not pay attention until it is homeless and hungry. At which point the mainstream media will continue to tell us everything is okay.

Posted by: sharonsj1 | November 13, 2009 11:57 AM | Report abuse

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