Consumer confidence rises to 1 year high.

[Train]

This was actually a surprise, I thought it would either stay the same or go down. If more people are in better shape now then they were over the last 12 months, that gotta be good news.

NEW YORK, July 15 (Reuters) - U.S. consumer sentiment rose to its highest level in a year in early July as gains in the stock market and better hiring conditions offset the drag from record gasoline prices, a report said on Friday.

The University of Michigan said its measure of confidence inched up to 96.5 so far this month from 96.0 in June, according to market sources who saw the subscription-only report. Analysts had been looking for a dip to 95.0.

"There is good enough news out there to keep consumers feeling good about the economy," said Michael Jansen, currency strategist at National Australia Bank in New York.

The survey's expectations component ticked up to 86.6 from 85.0, while perceptions of current conditions eased to 112.0 from 113.2.

Consumer spending accounts for two-thirds of overall U.S. economic activity, and any improvement in confidence is seen as a possible precursor to stronger growth.

However, in recent years the correlation between confidence and retail sales has weakened, with consumers buying new cars and homes in earnest even as they tell surveys that things are getting worse.

Indeed, while confidence levels remain near their recent average, retail sales surged 1.7 percent in June as car dealers made vehicle purchases more attractive through aggressive discounts

 

[judasmachine]

I suppose it's good, but a one year high sounds kind of weak. Don't get me wrong, I want it to improve, but I also feel that the hard times aren't going to vanish anytime soon.

 

[conjur]

Let's hope this does keep up. I just hope consumers aren't going more and more into debt.

 

[judasmachine]

Originally posted by: conjur
Let's hope this does keep up. I just hope consumers aren't going more and more into debt.

but debt is good remember? 😉

it's the american way...

 

[Train]

Originally posted by: conjur
Let's hope this does keep up. I just hope consumers aren't going more and more into debt.

I dont know of anyone who would feel better about having more debt. You?

 

[conjur]

Nope...but that's not stopping people from doing it (mortgages, car payments, etc.)

 

[Infohawk]

I guess the doom and gloom campaign is failing

Who's campaign is this?

 

[Train]

Originally posted by: conjur
Nope...but that's not stopping people from doing it (mortgages, car payments, etc.)

But overall, confidence is higher, sooooo.....

 

[conjur]

So people are feeling more comfortable with their debt and their prospects for the future. It's a good thing. I've already said that.

 

[Train]

Originally posted by: conjur
So people are feeling more comfortable with their debt and their prospects for the future. It's a good thing. I've already said that.

Ya because now more debt is in the form of mortgages than credit cards, something to feel good about as it builds equity and has way lower interest rates. :thumbsup:

 

[conjur]

Originally posted by: Train

Originally posted by: conjur
So people are feeling more comfortable with their debt and their prospects for the future. It's a good thing. I've already said that.

Ya because now more debt is in the form of mortgages than credit cards, something to feel good about as it builds equity and has way lower interest rates. :thumbsup:

Way to jump to a conclusion. Got any details to back up that claim?

 

[Train]

Originally posted by: conjur

Originally posted by: Train

Originally posted by: conjur
So people are feeling more comfortable with their debt and their prospects for the future. It's a good thing. I've already said that.

Ya because now more debt is in the form of mortgages than credit cards, something to feel good about as it builds equity and has way lower interest rates. :thumbsup:

Way to jump to a conclusion. Got any details to back up that claim?

Maybe youve heard of an all time high in home ownership? ring a bell at all?

 

Originally posted by: Train

Originally posted by: conjur

Originally posted by: Train

Originally posted by: conjur
So people are feeling more comfortable with their debt and their prospects for the future. It's a good thing. I've already said that.

Ya because now more debt is in the form of mortgages than credit cards, something to feel good about as it builds equity and has way lower interest rates. :thumbsup:

Way to jump to a conclusion. Got any details to back up that claim?

Maybe youve heard of an all time high in home ownership? ring a bell at all?

Maybe you've heard of an all-time high in credit card debt?

According to CardWeb, an online research firm, average household credit card debt has more than tripled, from $2,966 in 1990 to $9,312 in 2004. If a family made the minimum 2 percent payment on that $9,312 at a 16 percent interest rate, it would take more than 43 years to pay off the balance -- at a total cost of $27,265.44. Of that amount, nearly $18,000 is interest.

 

[conjur]

Originally posted by: Train

Originally posted by: conjur

Originally posted by: Train

Originally posted by: conjur
So people are feeling more comfortable with their debt and their prospects for the future. It's a good thing. I've already said that.

Ya because now more debt is in the form of mortgages than credit cards, something to feel good about as it builds equity and has way lower interest rates. :thumbsup:

Way to jump to a conclusion. Got any details to back up that claim?

Maybe youve heard of an all time high in home ownership? ring a bell at all?

Duh...population has been increasing. Makes sense. Also, rates are incredibly low but prices are going up. People are using riskier mortgages like 7-year and 10-year ARMs, interest-only mortgages, etc. People with bad credit are able to get 100% loans. I didn't want to cast a cloud over the good news in this thread but you must understand the sky is not clear. There *are* clouds out there. This index rising again is a sign the clouds are breaking up but we need to see a solid trend before they clear.

 

[irwincur]

The left and the media keep trying - and they keep failing. Does this tell anyone what the public really thinks of the left and the media? Obviously, they think that they are full of sh*t.

 

The right and their minions keep trying - and they keep failing. Does this tell anyone what the public really thinks of the right and the president? Obviously, they think that they are full of sh*t.

 

[Moonsabie]

Lies all lies the Eco is in the tub !!!! (jahah) *good news all around the wourld must be comeing to an end

 

[umbrella39]

:laugh:

 

[charrison]

Originally posted by: conjur

Originally posted by: Train

Originally posted by: conjur

Originally posted by: Train

Originally posted by: conjur
So people are feeling more comfortable with their debt and their prospects for the future. It's a good thing. I've already said that.

Ya because now more debt is in the form of mortgages than credit cards, something to feel good about as it builds equity and has way lower interest rates. :thumbsup:

Way to jump to a conclusion. Got any details to back up that claim?

Maybe youve heard of an all time high in home ownership? ring a bell at all?

Duh...population has been increasing. Makes sense. Also, rates are incredibly low but prices are going up. People are using riskier mortgages like 7-year and 10-year ARMs, interest-only mortgages, etc. People with bad credit are able to get 100% loans. I didn't want to cast a cloud over the good news in this thread but you must understand the sky is not clear. There *are* clouds out there. This index rising again is a sign the clouds are breaking up but we need to see a solid trend before they clear.

Once again conjur resorts to lies. You damn well know home ownership is at an all time high as a percent of the population.

Once again trying to make things worse than they appear...

 

[conjur]

And you still refuse to see why.

 

[charrison]

Originally posted by: conjur
And you still refuse to see why.

Duh...population has been increasing. Makes sense

You attempt to spin the number as a numeric rather percent incease. This is what the 3rd oer 4th time I have had to correct this for you.


I will agree that interest only loans may come back to bite people later in certain areas of the country. But if it were not for these types of loans, housing would not affordable at all in these areas.

The sky is far more blue with a few clouds, but not dark and stormy as you want it to be.

 

[conjur]

Hmm...you don't realize what you just wrote:

"But if it were not for these types of loans, housing would not affordable at all in these areas. "


That's a big problem!

 

[charrison]

Originally posted by: conjur
Hmm...you don't realize what you just wrote:

"But if it were not for these types of loans, housing would not affordable at all in these areas. "


That's a big problem!

Yes and it has been a problem for quite some time in these areas(since well before 2000...)

 

[Stunt]

People need to borrow money for housing, they are large investments. Just as companies borrow for equipment and to build office buildings, people need to borrow for housing. As long as their spending doesn't increase faster than wages and housing maintains its value, there shouldn't be an issue. People can pay off large investments over time, you would be seriously crippling the economy if people were NOT allowed loans.

 

[charrison]

Originally posted by: Stunt
People need to borrow money for housing, they are large investments. Just as companies borrow for equipment and to build office buildings, people need to borrow for housing. As long as their spending doesn't increase faster than wages and housing maintains its value, there shouldn't be an issue. People can pay off large investments over time, you would be seriously crippling the economy if people were NOT allowed loans.

He might also want to take a look at Japan and Europe where generational mortgages are often required to purchase property. Can you imagine taking out a 100 year loan.