U.S. consumer sentiment unexpectedly worsened in early September to its weakest level in more than a year, as distress over jobs and finances intensified among upper-income families, a survey released Friday showed.
The Thomson Reuters/University of Michigan’s preliminary September reading on the overall index on consumer sentiment came in at 66.6, down from 68.9 in August.
“Confidence edged downward in early September, as consumers judged prospects for the national economy less favourably,” the survey’s director Richard Curtin said in a statement.
FTA: "The entire decline in the sentiment index was recorded among households with incomes above $75,000, while confidence among lower-income families improved, the survey showed.
ReplyDelete"Mr. Curtin said the divergence between the two income groups likely stemmed from worries over a protracted delay to an extension of federal tax cuts to families with incomes above $250,000."
I only WISH I made 75,000$. Big whoop, move on.
Quoting 8:20's quote:
ReplyDelete"The entire decline in the sentiment index was recorded among households with incomes above $75,000, while confidence among lower-income families improved, the survey showed."
The writer couldn't be that dumb could he? What a total loss of common sense, what a vacancy of logic!
What the fuck? Do I need to even explain!?
Since 70% of our GDP is consumption... we are screwed.
ReplyDeleteMaybe the reason those folks making less than 75K don’t feel as uneasy as the Rich is because they are content with the government hand outs they are given. Maybe instead of busting their ass trying to get further ahead in the game, they enjoy their American Idol and Dancing TV shows too much. Maybe if they turned the damn TV off just one day a week and educate themselves on the how the Too Big To Fail have and continue to steal the little money they make, we could still save this country. Alas, all the ranting just falls on deaf ears. When the gun shots start on their street they will do one of two things. Wake the fuck up or fall in step with the first government agency that promises them protection.
ReplyDelete@4:43: You won't get any benefits making less than $75k. And making $80k certainly doesn't make you rich. I wouldn't consider anyone rich until they at least had several million in assets, anything under that and the best you can be is "well off."
ReplyDeleteThe average $75k+ profession is a bad deal anyway, if you are $150k in the hole for student loans (probably more for your average doctor actually) then you are not doing as well as someone making $40k a year that has no loans and is living in a low cost of living area. A lot of the higher salaried people live in very high cost areas, so they don't have much money left over anyway.
You just can't tell much with just that number.