Consumer Confidence Erodes in July
Consumer Confidence Erodes in July
Consumer Confidence Erodes in July
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August 2, 2011 (Chris Moore)

Consumer confidence tumbled in July to its lowest level since early 2009 as financial uncertainty leads consumers to expect a slowdown in future economc growth according to the latest Surveys of Consumers by Reuters/University of Michigan.

Consumers were much more negative about the prospect of economic growth in July with the unemployment rate expected to rise twice as frequently as decline.

Not only did consumers view current finances as quite bleak, but their view in both the year ahead and over the next five years reflected the same sentiment.

The majority of the consumers anticipated no income increases with just one in ten anticipating inflation-adjusted income gains during the year ahead, forcing consumers to reduce planned discretionary spending. The one bright note in July, inflation expectations fell.

Financial expectations were even more dismal in the long term with 60 percent of the consumers expecting no financial improvement over the next five years and a whopping 80 percent anticipating no financial improvement over the next year.

When it came to vehicle buying plans, favorable buying attitudes fell to levels last seen at the height of the last recession in 2008. Favorable buying attitudes fell to 53 percent in July, dropping from 58 percent in the previous month and down from 62 percent in July of last year.

Consumer’s most voiced concerns in the survey were heightened uncertainty about future income and job prospects.

All three indices that make up the Index of Leading Economic Indicators registered large declines in July.

The Sentiment Index fell to 63.7 in July from 71.5 in June and down from 67.8 in July of last year. The Expectations Index was 56.0 in July, down from 64.8 in June and also down from 62.3 in July 2010. The Current Conditions Index fell to 75.8 in July from 82.0 in June and down slightly from 76.5 in July of last year.

Richard Curtin, Surveys of Consumers chief economist said, “Consumers continued to view their finances in quite bleak terms both for the year ahead as well as over the next five years. The absence of positive near and longer term financial expectations has turned consumer resilience into consumer fragility at the first signs of renewed adversity. The data indicate that spending will be barely higher in the second half than in the first half of 2011.”

Tags: Surveys of Consumers, Reuters/University of Michigan, consumers, economic slowdown, finances, planned discretionary spending, income gains, financial expectations

Source:
Reuters/University of Michigan

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Todays Mortgage
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August 2, 2011 (Chris Moore)

Consumer confidence tumbled in July to its lowest level since early 2009 as financial uncertainty leads consumers to expect a slowdown in future economc growth according to the latest Surveys of Consumers by Reuters/University of Michigan.

Consumers were much more negative about the prospect of economic growth in July with the unemployment rate expected to rise twice as frequently as decline.

Not only did consumers view current finances as quite bleak, but their view in both the year ahead and over the next five years reflected the same sentiment.

The majority of the consumers anticipated no income increases with just one in ten anticipating inflation-adjusted income gains during the year ahead, forcing consumers to reduce planned discretionary spending. The one bright note in July, inflation expectations fell.

Financial expectations were even more dismal in the long term with 60 percent of the consumers expecting no financial improvement over the next five years and a whopping 80 percent anticipating no financial improvement over the next year.

When it came to vehicle buying plans, favorable buying attitudes fell to levels last seen at the height of the last recession in 2008. Favorable buying attitudes fell to 53 percent in July, dropping from 58 percent in the previous month and down from 62 percent in July of last year.

Consumer’s most voiced concerns in the survey were heightened uncertainty about future income and job prospects.

All three indices that make up the Index of Leading Economic Indicators registered large declines in July.

The Sentiment Index fell to 63.7 in July from 71.5 in June and down from 67.8 in July of last year. The Expectations Index was 56.0 in July, down from 64.8 in June and also down from 62.3 in July 2010. The Current Conditions Index fell to 75.8 in July from 82.0 in June and down slightly from 76.5 in July of last year.

Richard Curtin, Surveys of Consumers chief economist said, “Consumers continued to view their finances in quite bleak terms both for the year ahead as well as over the next five years. The absence of positive near and longer term financial expectations has turned consumer resilience into consumer fragility at the first signs of renewed adversity. The data indicate that spending will be barely higher in the second half than in the first half of 2011.”

Tags: Surveys of Consumers, Reuters/University of Michigan, consumers, economic slowdown, finances, planned discretionary spending, income gains, financial expectations

Source:
Reuters/University of Michigan

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
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REVIEW YOUR OFFERS
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CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
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NO OBLIGATION. NO HIDDEN FEES
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August 2, 2011 (Chris Moore)

Consumer confidence tumbled in July to its lowest level since early 2009 as financial uncertainty leads consumers to expect a slowdown in future economc growth according to the latest Surveys of Consumers by Reuters/University of Michigan.

Consumers were much more negative about the prospect of economic growth in July with the unemployment rate expected to rise twice as frequently as decline.

Not only did consumers view current finances as quite bleak, but their view in both the year ahead and over the next five years reflected the same sentiment.

The majority of the consumers anticipated no income increases with just one in ten anticipating inflation-adjusted income gains during the year ahead, forcing consumers to reduce planned discretionary spending. The one bright note in July, inflation expectations fell.

Financial expectations were even more dismal in the long term with 60 percent of the consumers expecting no financial improvement over the next five years and a whopping 80 percent anticipating no financial improvement over the next year.

When it came to vehicle buying plans, favorable buying attitudes fell to levels last seen at the height of the last recession in 2008. Favorable buying attitudes fell to 53 percent in July, dropping from 58 percent in the previous month and down from 62 percent in July of last year.

Consumer’s most voiced concerns in the survey were heightened uncertainty about future income and job prospects.

All three indices that make up the Index of Leading Economic Indicators registered large declines in July.

The Sentiment Index fell to 63.7 in July from 71.5 in June and down from 67.8 in July of last year. The Expectations Index was 56.0 in July, down from 64.8 in June and also down from 62.3 in July 2010. The Current Conditions Index fell to 75.8 in July from 82.0 in June and down slightly from 76.5 in July of last year.

Richard Curtin, Surveys of Consumers chief economist said, “Consumers continued to view their finances in quite bleak terms both for the year ahead as well as over the next five years. The absence of positive near and longer term financial expectations has turned consumer resilience into consumer fragility at the first signs of renewed adversity. The data indicate that spending will be barely higher in the second half than in the first half of 2011.”

Tags: Surveys of Consumers, Reuters/University of Michigan, consumers, economic slowdown, finances, planned discretionary spending, income gains, financial expectations

Source:
Reuters/University of Michigan

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.