Consumer expectations are the worst since Dec. 1973 -- in the midst of Watergate and first OPEC oil price hikes
The Conference Board reported today that the expectations component of its closely-watched Index of Consumer Confidence plunged further in March to the lowest levels in 35 years – to December 1973. The overall index which measures both expectations and views on current conditions also plunged again in March to the lowest levels in five years, the eve of the invasion of Iraq in March 2003. (see attached graphic of overall index)
Today’s report shows almost four times as many consumers now expect fewer jobs over the next six months as expect more jobs. More than three times as many expect business conditions to worsen rather than to improve and only 14.9% expect their incomes to rise in the next six months.
As I have warned for many years – especially for the past two years -- the powerful (if incompetent) debt industry and their retainers in government and the media have created the worst financial and economic conditions since the 1930s. An accounting appears to have begun.