American confidence in the economy has suffered another major blow as consumer worries drive the market down.
At the center of the nose dive is the American worries over job stability. When consumer confidence falls, sales drop proportionally and that also affects the trading on Wall Street.
Consumer confidence slipped to an index of 98.2 from an index of 105 last May. Economist had predicted a drop to only 103, but this latest import indicates America is worried.
The number of new jobs created that were predicted did not happen and new hiring has fallen to a nothing.
The consumer outlook for the employment market has also turned grim. The survey found 15.4 percent expecting fewer jobs six months from now, up from 13.5 percent in the July survey. Those expecting more jobs six months from now fell to 16.2 percent from 19.5 percent.
"The slowdown in job growth has curbed consumers' confidence," said Lynn Franco, director of he Conference Board's Consumer Research Center.
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