Election |Political Rants by Judy @ 11:21 AM
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Consumer confidence down:

Consumer confidence fell in October to its lowest level in seven months. The downturn is fueled mostly by soaring energy costs, sluggish hiring, the war in Iraq and an increasingly nasty election. Analysts worry that the downturn in confidence will result in less spending by already debt-laden consumers.

“Consumers are more concerned about the future than they are about current conditions and I think that has a lot to do with the high oil prices we’re seeing and probably some of the election rhetoric,” said Gary Thayer, chief economist at A.G. Edwards & Sons in St. Louis.

Consumer confidence in hiring is up very slightly, but businesses remain cautious about hiring workers given the record oil prices and the rise in health care costs.

“While consumers’ assessment of the labor market showed a moderate improvement, the gain was not sufficient to ease concerns about job growth in the months ahead,” Lynn Franco, director of the Conference Board’s Consumer Research Center, said in a statement.

This is not good new… especially here in Oregon where we still face the highest unemployment rate in the nation.

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