9 November 2007
NEW YORK (Reuters) - Consumer sentiment posted a surprisingly sharp fall in early November, hitting its lowest in two years as high energy costs and falling home prices pummeled confidence, a survey released on Friday showed.
The bleak sentiment could also be complicated by a spike in price expectations, which may make an inflation-wary Federal Reserve less likely to cut interest rates to shore up the consumer-driven economy.
The Reuters/University of Michigan Surveys of Consumers said its gauge of consumer sentiment fell to 75.0 from October's final result of 80.9.
This was well below economists' median expectation of 80.0 in a poll conducted by Reuters and was the lowest since 74.2 in October 2005 in the aftermath of Hurricane Katrina.
"Consumer confidence sank to its lowest level in two years. Nearly the entire early November decline was among lower-income households due to surging complaints about high gas prices," said a statement accompanying the survey results.
WE CAN SEE NIFTY 5550 AND GOOD BOUNCE BACK AGAIN FROM THAT SUPPORT OK USA MARKET IS DOING WORSE AND ALL ASIAN FACING PROBLEMS GOOD SUPPORT IS 5600 NO NEED TO PANIC IN MARKET ALL FALLS WITH CONVERTED IN TO GOOD WAY DON'T SELL ANYTHING NOTHING WRONG IN INDIAN MARKET
NIFTY ---- 5630 ,5612. 5550 HOLD ALL
by erectusplus at 16:01:00 |
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