Consumer Confidence Drops On Jobs Worries

How could that possibly happen in the word of unicorns and lollipops?

Job worries drove July U.S. consumer confidence to its lowest since February, with one in six people expecting lower income in the next six months, underscoring the precarious state of economic recovery.

A year and a half since we received Barry’s Big Stimulus, and employment is still a big issue. I supposed repaving roads and painting bridges just doesn’t do a whole lot. Not everyone is capable of building roadways.

The Conference Board, a New York-based business and economics research group, reported that consumer attitudes worsened this month as did expectations about jobs being hard to get.

“Concerns about business conditions and the labor market are casting a dark cloud over consumers that is not likely to lift until the job market improves,” said Lynn Franco, Director of The Conference Board Consumer Research Center.

The group’s index of consumer attitudes fell to 50.4 in July from an upwardly revised 54.3 in June, below the median forecast of 51 in a Reuters poll.

The “jobs hard to get” reading, meanwhile, rose to 45.8 percent from 43.5 percent.

Generational debt, and little to show for it, except some new pavement. But, then, what would one expect from a guy who never held a position of power in a private corporation, never had to make a payroll, and has picked people to work for him as a politician simply on political ideals, rather than qualifications? It’ll be interesting to see how all the people who have given up looking for work vote in November. Crushing debt, idiotic spending, the threat of increased taxes, the health legislation, it all contributes to companies saying “hmm, we’ll have to wait and see what happens.”

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