USA TODAY: Americans are feeling worse about the economy than they have in a long time — a fact that could have wide-reaching implications everywhere from Wal-Mart to the White House.
The New York-based Conference Board‘s consumer confidence index in August fell to 60.6, down from a revised 65.4 in July and the 66 level analysts were expecting. The index now stands at the lowest it’s been since November 2011 when the reading was at 55.2. The results are the latest swing in the index, which has been on a rollercoaster ride this year.
Mark Vitner, a Wells Fargo Securities senior economist, says he has looked at October confidence figures during the past elections of sitting presidents since 1972, and no president has been re-elected when confidence was below a reading of 90, a level that indicates a healthy economy. The index hasn’t hit that level since December 2007… (more)
