The final University of Michigan-Thomson Reuters consumer sentiment gauge fell in December to a reading of 72.9 from 82.7 in November, reports said Friday
A preliminary reading for December pegged the level at 74.5
Economists polled by MarketWatch had expected a final December reading of 75 with concerns about the fiscal cliff more than offsetting lower gas prices and higher stock prices
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“Confidence is lost much more easily than it can be regained, and the pessimism created by not reaching a resolution before year-end will be difficult to reverse even if a settlement is reached soon after the start of 2013,” said Richard Curtin, the consumer survey’s chief economist.
Looking forward, “if no resolution is reached the falloff could easily worsen in the weeks ahead,” according to the UMich report.
No compromise on the fiscal cliff poses a real threat to the economy, with unemployment projected to rise to 9.1% by the end of next year, according to government analysts. According to the UMich report, more than one-in-four consumer respondents cited concerns about higher taxes.
Washington’s failure to reach a compromise also had Wall Street worried Friday. U.S. stocks opened broadly lower as the Nasdaq Composite Index /quotes/zigman/12633936 COMP -0.96% fell more than 1%, following a canceled Thursday evening vote in the U.S. House of Representatives, with Republican leaders saying there were insufficient votes to pass a tax-cut bill.
House Speaker John Boehner held a press conference at 10 a.m. Eastern to lay out the Republicans’ position
UMich’s gauge of consumer expectations plunged to 63.8 in December from 77.6 in November. Meanwhile, a barometer of views on current conditions declined to 87 from 90.7.
Despite the decline in December, the UMich’s overall sentiment index has gained about 4% over the last 12 months.
In a bit of positive news Friday, the government reported that personal income has increased 5.1% over the past 12 months, the largest gain in five years
Despite the decline in December, the UMich’s overall sentiment index has gained about 4% over the last 12 months.
In a bit of positive news Friday, the government reported that personal income has increased 5.1% over the past 12 months, the largest gain in five years
Despite the decline in December, the UMich’s overall sentiment index has gained about 4% over the last 12 months.
In a bit of positive news Friday, the government reported that personal income has increased 5.1% over the past 12 months, the largest gain in five years
WASHINGTON (MarketWatch) -- A gauge of consumer confidence dropped in December to the lowest level in four months as short-term expectations plunged on fiscal-cliff concerns, according to data released Thursday. The Conference Board said its consumer-confidence index fell to 65.1 in December from a downwardly revised 71.5 in November. A prior November estimate pegged the level at 73.7. A barometer of expectations plunged to 66.5 in December - the lowest reading since November 2011 - from 80.9 in November. Meanwhile, a gauge of consumers' view on the present situation increased to 62.8 from 57.4. "A similar decline in expectations was experienced in August 2011 during the debt ceiling discussions," said Lynn Franco, director of economic indicators at the Conference Board. "While consumers are quite negative about the short-term outlook, they are more upbeat than last month about current business and labor market conditions." Economists polled by MarketWatch had expected a December reading of 70, with fiscal-cliff concerns outweighing positive jobs news
WASHINGTON (MarketWatch) - Sales of new U.S. homes jumped 4.4% in November to an annual rate of 377,000, the highest level since April 2010, the Commerce Department said Thursday. In October, sales were revised down to 361,000 from an initial reading of 368,000. Economists polled by MarketWatch had forecast new home sales to rise to 380,000 last month on a seasonally adjusted basis. The median price of new homes climbed 3.7% to $246,200 in November from $237,500 in the prior month. The supply of new homes available for purchase fell to 4.7 months in November at the current sales rate from 4.9 months in October. New home sales are 15.3% higher compared to one year ago and the median sales price is 14.9% higher
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