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Tuesday, August 29, 2006

Consumer Confidence: Soft Landing Into a Light Thud

Consumer Confidence fell to 99.6 in August from 107.0 in July and that is under the 102.0 estimate. This is the worst reading in about a year, and more importantly it is under the growth parity reading of 100.0 which is status quo. This number is more indicative of attitude rather than actual spending, but it is more indicative that Joe Q. Consumer is looking for a tad less of a soft landing. It isn't signalling that the public is looking for a hard landing, but maybe a thud is being expected.

This index is pegged to a reading of what was equivalent to 1985, and that level equals 100. This has had a very muted impact so far, and it doesn't even feel like the street is around or paying attention.

Jon C. Ogg
August 29, 2006
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