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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (6356)9/13/2002 10:52:20 PM
From: stockman_scott  Read Replies (1) of 89467
 
The Consumer

"As long as consumers continue to spend, I'm not sure we should care whether they have a smile on their faces while they do so," Stephen Stanley, senior economist at Greenwich Capital Markets, said.

Optimism among consumers has fallen from a peak of 96.9 in May as scandals over corporate accounting and tensions over the Middle East have sapped confidence. The issue for economists is whether the upturn in the wider economy can take off before mounting pessimism finally saps the will of the average American to shop.

Ian Morris, US economist at HSBC, said that despite the fall-off in confidence, the Michigan index was still above its long-term average. "In other words, this level of confidence is still consistent with reasonable consumption," he said. "Consumer recessions tend to be associated with sub-70."

news.independent.co.uk
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