Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/2/2012 (2 years ago)

Catholic Online (www.catholic.org)

Uptick partially due to uncertain fiscal situation in January

Americans are starting to shop again - partially die to new buying confidence, partially due to an uncertain situation come January. U.S. consumer confidence rose slightly in August to a three-month high. People are reportedly feeling more optimistic about their current situation, according to a new barometer released this week.

The uptick offset a slight drop of 0.8 percent in how consumers expect the economy to perform in the near future. Fears stubbornly remain about tax increases and government spending cuts that will begin in January if Congress does not act.

The uptick offset a slight drop of 0.8 percent in how consumers expect the economy to perform in the near future. Fears stubbornly remain about tax increases and government spending cuts that will begin in January if Congress does not act.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/2/2012 (2 years ago)

Published in Business & Economics

Keywords: Consumer confidence, inflation, uncertainty


LOS ANGELES, CA (Catholic Online) - The Consumer Sentiment index from Thomson Reuters and the University of Michigan increased to 74.3 in August, a 2.8 percent increase from July. The reason for the season was due to a jump in how consumers view their present situation, which was up 7.3 percent from the previous month.

The uptick offset a slight drop of 0.8 percent in how consumers expect the economy to perform in the near future. Fears stubbornly remain about tax increases and government spending cuts that will begin in January if Congress does not act.

"Despite the August gain, confidence has been in a holding pattern during the past few months," Richard Curtin, chief economist said of the survey. "Aside from the past few years, the average level of consumer confidence in 2012 was lower than in any other year since 1982."

The findings released this week stood out against another leading gauge of consumer confidence. The Conference Board reported earlier this week that its consumer confidence index fell in August to its lowest level since November.

Both indexes, however reported consumer concern about the major tax and spending changes looming early next year, dubbed the fiscal cliff.

Curtin said the uncertainty about fiscal policy in 2013 "will increasingly cause consumers to become more cautious spenders."

Incentives by companies such as General Motors Co. are boosting sales, just as Federal Reserve efforts to lower borrowing costs are allowing Americans to reduce debt, which may underpin consumer spending. Nonetheless, Fed Chairman Ben S. Bernanke today said additional action to spur growth remains an option because unemployment is a "grave concern."

"Confidence is lackluster,"  Jim O'Sullivan, chief U.S. economist for High Frequency Economics Ltd. in Valhalla, New York says."It typifies the economy right now. It's not strong, but not collapsing either."

.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for January 2015
General Intention:
That those from diverse religious traditions and all people of good will may work together for peace.
Missionary Intention: That in this year dedicated to consecrated life, religious men and women may rediscover the joy of following Christ and strive to serve the poor with zeal.



Comments


More Business & Economics

An amazing 2,500 of the world's most prestigious people canvas Davos, Switzerland for this year's World Economic Forum Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Around 1,700 private jets will cover the sky, as the most elite people of the world descend on the annual World Economic Forum in Davos, Switzerland. Throughout the next week, world leaders, wealthy businessmen and even influential pop stars will come together to speak ... continue reading


Do they have your best interests at heart? A shocking 50 PERCENT of the global wealth precariously belongs to only ONE PERCENT of the world's population Watch

Image of Nearly 50 percent of the world's entire riches belong to only one percent of its people.

By Abigail James (NEWS CONSORTIUM)

Davos men, the world's most elite billionaires and politicians, gather at the World Economic Forum to once again attempt to tackle inequality between the rich and poor as the disparity continues to grow. LOS ANGELES, CA (Catholic Online) - Every year the world's ... continue reading


Downturn of low gas prices: Schlumberger to cut 9,000 jobs due to decline at pump prices Watch

Image of The precipitous fall of $1.8 billion came in a series of one-time charges related to the steep fall in commodity prices.

By Catholic Online (NEWS CONSORTIUM)

There is a downside to the plunging prices at the gas pump: Americans will be losing jobs as companies struggle to make up the difference in falling revenue. Case in point: Schlumberger is cutting 9,000 jobs due to low oil prices. Other petroleum companies are ... continue reading


Improved economy? Study says labor force participation at 36-Year Low Watch

Image of The labor force participation rate is defined as the percentage of the civilian non-institutional population who either had a job or was actively seeking one during the month.

By Catholic Online (NEWS CONSORTIUM)

Gas prices may be cheaper, consumer confidence may be higher - but that does not take away from the brutal fact that many Americans remain jobless. A record 92,898,000 Americans 16 and older did not participate in the labor force in December, as the labor force ... continue reading


The Rise and Fall of the World's Poorest Nations Watch

Image of Leaving list of LDCs entials that of productive capacity development, structural transformation resilience building and sustainable improvement in human and social capital.

By Thalif Deen, Inter Press Service

The world's 48 Least Developed Countries (LDCs) - a special category of developing nations created by the General Assembly in 1971 but refused recognition by the World Bank - have long been described as "poorest of the poor" in need of special international ... continue reading


Is pot the future boom business? The founder of Pay Pal thinks so Watch

Image of The co-founder and former CEO of PayPal, Peter Thiel is investing multiple millions of dollars into Privateer Holdings, a Seattle-based marijuana growing, production, distribution and information company.

By Matt Waterson (NEWS CONSORTIUM)

Founders Fund, a $2 billion dollar, San Francisco-based venture capitalist firm ran by the co-founder and former CEO of PayPal is moving in a new investment direction, turning towards pastures a little greener than former tech and Silicon Valley ... continue reading


Here is the top 10 list of the world's most widely used currencies. Numbers 9 and 10 surprised us! (PHOTOS) Watch

Image of The list of most widely used currencies will surprise you. Confederate money was once sold in bundles to kids for use as play money.

By Catholic Online (NEWS CONSORTIUM)

You might not be surprised to learn that the U.S. dollar is one of the world's most widely used currencies, but there are other less-familiar currencies used around the globe. The list of the top 10 might surprise you. We were surprised to see the last two currencies ... continue reading


Crossings Tea releases unique Chinese tea

Image of Crossings Tea, grown in the remote heartland of China.

By John W. Smagula

Crossings Tea announces the release of its Chinese black, green, and jasmine tea. From the remote Three Gorges region of Central China, Crossings Tea has pure and refined flavors that capture the essence of classical Chinese tea. The company supports the local Yichang ... continue reading


OPEC price war increases; Brent Oil hits new low Watch

Image of Crude prices have plunged since the Organization of Petroleum Exporting Countries, or OPEC agreed this November to leave its production quotas unchanged at 30 million per day.

By Catholic Online (NEWS CONSORTIUM)

Hard as it may seem, not everyone is welcoming low prices at the gas pump. Brent crude plunged below $57 per barrel this week. The event marked a new five-and-a-half-year low while traders wager that the global oversupply of oil will continue deep into 2015. ... continue reading


In a bid to 'get rid of gasoline' Toyota makes history with first hydrogen-powered retail car - Coming to a dealer near you in 2015! Watch

Image of The Myrai will be the first hydrogen fuel cell-powered car you can buy, starting in 2015.

By Catholic Online (NEWS CONSORTIUM)

Toyota is making automotive history by selling a car powered by hydrogen. Sales in Japan began on Dec. 15, and will begin in the USA in 2015. Running off electricity created by hydrogen fuel cells and emitting only water, the car could revolutionize driving as well as ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jonah 3:1-5, 10
1 The word of Yahweh was addressed to Jonah a second ... Read More

Psalm, Psalms 25:4-5, 6-7, 8-9
4 DIRECT me in your ways, Yahweh, and teach me your ... Read More

Gospel, Mark 1:14-20
14 After John had been arrested, Jesus went into ... Read More

Reading 2, First Corinthians 7:29-31
29 What I mean, brothers, is that the time has become ... Read More

Saint of the Day

Saint of the Day for January 25th, 2015 Image

St. Peter Thomas
January 25: Carmelite Latinpatriarch and papal legate. Peter was born in ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter