Sour Job Market holding Consumer Confidence down

Sour Job Market holding Consumer Confidence down

For anyone looking for a job out there, it is tough to keep spirits up and keep a smile on that face. Especially in light of a news report from Reuters, which claims US consumer confidence took its biggest slide in eight months. The article claims confidence is being bogged down by a stagnant job market. According to the Oct. 27th article The Conference Board, an organization that monitors the marketplace, cited declining confidence and poor outlook for the future of the job market as major reasons their Consumer Confidence Index slipped even further from September. The Index is at its lowest point in 26 years, according to The Conference Board Director Lynn Franco.

"Consumers' assessment of present-day conditions has grown less favorable, with labor market conditions playing a major role in this grimmer assessment.” Franco said.

Following sharp increases after the market showed signs of recovery in August, things have begun to slip again. With the future looking bleak and now turnaround in sight, it is important to keep positive and keep trying. There is lots of talk about the “New” economy, which includes a higher unemployment rate and lower wages being a permanent fixture of the American economy. It’s no wonder the American public is losing faith. People turn to politicians to say something positive and when they do they are overrun by statistics that indicate the economic downturn is as strong as ever. It is obviously going to take more than words to turn this around.

Another article by Reuters seems to also indicate US and Worldwide confidence on the rise, so who really knows, but conflicting reports don't help at all.