U.S. consumer confidence declined for the month of February to it’s lowest level since April of 2009. The recent unemployment announcement that the 9.7 percent jobless rate is unlikely to fluctuate much for the coming year was expected to drive down confidence but not to the extent that it did. Analysts had expected data to fall to 55 from 56.5 when it tumbles all the way down to 46.
The lack of job opportunities have convinced many Americans that spending will be abbreviated to an extent that a significant recovery in the near would be highly unlikely. In the hours that followed the new development, stocks declined and treasuries took flight. Current sentiments are at their lowest level in almost 30-years with the sole positive note for the market being the assumed maintained zero-percent interest rate.
In addition to the dire confidence reports, hope prices declined by 0.2 percent in as many as 20 U.S. cities and all three major indices were at 1-plus percent loss for the day so far.
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