Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc Message Board

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Politics : Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc

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To: wallstreeter who wrote (506)	9/29/1998 8:13:00 PM
From: SOROS	of 1151

NEW YORK (AP) — Shaken by global economic and political turmoil, Americans' confidence in the U.S. economy fell for the third straight month in September. The Conference Board reported Tuesday that its index of consumer confidence fell 7.1 points to 126 in September from a revised 133.1 in August. The index is down 12.2 points from its 29-year high in June. September's decline was larger than Wall Street analysts had expected and the biggest monthly drop since January. It brings the index to its lowest level since October 1997. "We are beginning to see the financial ails of others arrive at the shores of the U.S., and that will result in some degree of slowing of the economy,'' said Dan Seto, an economist at Nikko Securities International Co. "Consumers realize this and they are just becoming a bit more cautious.'' The report comes amid increasing signs of a slowing U.S. economy as a result of the economic crises in Asia and Russia, which are now threatening to spread to Latin America. On Tuesday, the Federal Reserve cut short-term interest rates by a quarter-percentage point — the first reduction in nearly three years — in hope of cushioning the U.S. economy against the financial turmoil. Consumer confidence is an important economic indicator since consumer spending accounts for two-thirds of the nation's overall economic activity. In the Conference Board report, fewer Americans said they would buy a car or a major appliance in coming months, while more expected business conditions to worsen, incomes to fall and fewer jobs to be available. The volatility in global stock markets, as well as the uncertainty over President Clinton's future, contributed to consumers' concerns. The consumer confidence index, started in 1967, is compiled from responses to questions sent to 5,000 households nationwide. The index compares results to its base year, 1985, when it stood at 100.

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