A Vote of No Confidence for My Bush Boom

From Holden:

Consumer Confidence slammed into a two-year low this month.

Consumer confidence unexpectedly fell to a two-year low in October as higher energy prices left Americans with less to spend, raising concern that retail sales will slow during the holiday shopping season.

The Conference Board’s consumer confidence index fell to 85 from 87.5 in September, the New York-based research group said today.


“The consumer has finally been shaken,” said Ellen Beeson, an economist at Bank of Tokyo-Mitsubishi Ltd. in New York. “If folks are unsure what the future is looking like over the next few months, they tend to hunker down and sit on cash, and that’s not a good start to the holiday shopping season.”


The Conference Board confidence index was expected to rise to 88 from the previously reported 86.6, based on the median forecast in a Bloomberg News survey of economists. September’s consumer confidence fell by the most in 15 years after Hurricanes Katrina and Rita ripped through the Gulf Coast. The gauge averaged 98.4 over the past five years.