HK Pacific – US Consumer Confidence At 2yr Low.

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HK Pacific – US Consumer Confidence At 2yr Low.

Posted On : Sep-17-2011 | seen (290) times | Article Word Count : 400 |

“HK Pacific”: Bipartisan wrangling over the US debt ceiling takes its toll on consumer confidence.

“HK Pacific”: Consumer confidence in the US disintegrated in August to its lowest level in over two years.

The Conference Board, an industry group, reported that its respected index of consumer attitudes declined to 44.5 from an already downwardly revised 59.2 the preceding month.

“HK Pacific” researchers said that the numbers were far worse than the markets were expecting but may exert some pressure on the Federal Reserve which will reconsider additional monetary stimulus at its meeting next month.

“The recovery’s hit the wall and all the wrangling over the debt ceiling hasn’t exactly instilled confidence amongst the consumers. They’re probably thinking that there is no chance of things getting better any time soon,” said the equity director at “HK Pacific”.
American consumers aren’t the only ones feeling more glum. European confidence in the economic outlook plunged in August by the most since December 2008 as a persistent debt crisis roiled markets and clouded growth prospects. An index of executive and consumer sentiment in the single-currency region fell to 98.3 from a revised 103 in July, the European Commission in Brussels said today.

The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent in June from a year earlier, after a 4.6 percent drop in the 12 months ended in May that was the biggest since 2009.

Federal Reserve Bank of Chicago President Charles Evans urged easier monetary policy to keep the recovery going after the central bank on Aug. 9 vowed to keep its benchmark interest rate close to zero at least through mid 2013.

The benchmark US indices took the news badly and fell in sympathy. The Dow Jones and the S&P500 both shed up to 1% at one point during trading but recovered after the release of the minutes from the last meeting of the Federal Open Market Committee.
“This paints a picture of underlying demand weakening,” said Bricklin Dwyer, an economist at BNP Paribas in New York, whose forecast of 45 was most accurate in a Bloomberg News survey. “Consumers are seeing their wealth deteriorate. We’ve seen a huge decline continuing in the housing market. They’ve also been hit on the chin by the equity markets.”

"The minutes showed that there had been heated discussion about further QE and, as equity markets love quantitative easing, the markets pared their losses," said an “HK Pacific” equity trader.

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<h1>HK Pacific – US Consumer Confidence At 2yr Low. </h1> Author: <a href='http://www.articleseen.com/profile_Boutiquemedia.aspx'>Boutiquemedia</a> “HK Pacific”: Consumer confidence in the US disintegrated in August to its lowest level in over two years.

The Conference Board, an industry group, reported that its respected index of consumer attitudes declined to 44.5 from an already downwardly revised 59.2 the preceding month.

“HK Pacific” researchers said that the numbers were far worse than the markets were expecting but may exert some pressure on the Federal Reserve which will reconsider additional monetary stimulus at its meeting next month.

“The recovery’s hit the wall and all the wrangling over the debt ceiling hasn’t exactly instilled confidence amongst the consumers. They’re probably thinking that there is no chance of things getting better any time soon,” said the equity director at “HK Pacific”.
American consumers aren’t the only ones feeling more glum. European confidence in the economic outlook plunged in August by the most since December 2008 as a persistent debt crisis roiled markets and clouded growth prospects. An index of executive and consumer sentiment in the single-currency region fell to 98.3 from a revised 103 in July, the European Commission in Brussels said today.

The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent in June from a year earlier, after a 4.6 percent drop in the 12 months ended in May that was the biggest since 2009.

Federal Reserve Bank of Chicago President Charles Evans urged easier monetary policy to keep the recovery going after the central bank on Aug. 9 vowed to keep its benchmark interest rate close to zero at least through mid 2013.

The benchmark US indices took the news badly and fell in sympathy. The Dow Jones and the S&P500 both shed up to 1% at one point during trading but recovered after the release of the minutes from the last meeting of the Federal Open Market Committee.
“This paints a picture of underlying demand weakening,” said Bricklin Dwyer, an economist at BNP Paribas in New York, whose forecast of 45 was most accurate in a Bloomberg News survey. “Consumers are seeing their wealth deteriorate. We’ve seen a huge decline continuing in the housing market. They’ve also been hit on the chin by the equity markets.”

"The minutes showed that there had been heated discussion about further QE and, as equity markets love quantitative easing, the markets pared their losses," said an “HK Pacific” equity trader.About the Author: http://www.hk-pacific.com Article Source: <a href='http://www.articleseen.com/Article_HK-Pacific-–-US-Consumer-Confidence-At-2yr-Low_82935.aspx'> http://www.articleseen.com/Article_HK Pacific – US Consumer Confidence At 2yr Low. _82935.aspx</a>

Article Source : http://www.articleseen.com/Article_HK Pacific – US Consumer Confidence At 2yr Low. _82935.aspx

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Keywords : HK Pacific, Hong Kong Pacific, HK-Pacific,

Category : Business : Business

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