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To: Sergio H who wrote (9532)	8/28/2001 11:51:54 AM
From: James Strauss	Read Replies (1) \| Respond to of 13094

Sergio: The Consumer Confidence numbers came in lower than expected... The market has reacted negatively to the news... The only thing that could counterbalance this would be a positive GDP report... That's in doubt... Here is a snipit from the Conference Board... Jim conference-board.org Job Losses Cause Drop in Consumer Confidence August 28, 2001 The Conference Board’s Consumer Confidence Index, which declined last month, dipped again in August. The Index now stands at 114.3 (1985=100), down from 116.3 in July. The Present Situation Index fell from 151.3 to 145.8. The Expectations Index, however, rose from 92.9 to 93.3. The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by NFO WorldGroup, a member of The Interpublic Group of Companies (NYSE: IPG). "The deteriorating U.S. job market dampened consumer spirits this month," says Lynn Franco, Director of The Conference Board’s Consumer Research Center. "This suggests rising unemployment ahead. The nation’s employment and unemployment numbers now bear watching, since continued weakness in the job market could translate into slower consumer spending." SLUGGISH JOB MARKET CREATING CONCERN Consumers are now less optimistic about ongoing economic conditions than they were in July. More families say current business conditions are "bad" – 14.9 percent now, compared with 14.6 percent a month ago. Those rating conditions as "good" declined slightly, from 28.5 percent to 28.2 percent. But the job market has begun to unsettle consumers. Those claiming jobs were "hard to get" rose from 14.1 percent to 15.9 percent. Those reporting jobs were "plentiful" fell from 35.6 percent to 33.4 percent. Consumers were a little more optimistic about business conditions for the next six months. Those expecting an improvement in business conditions increased from 17.2 percent to 18.9 percent. The percent of consumers expecting economic conditions to weaken declined from 11.2 percent to 10.7 percent. The employment outlook for the next six months was mixed. Currently, 16.0 percent of consumers expect more jobs to become available, up from 15.0 percent last month. But those expecting fewer jobs through the end of this year advanced from 16.4 percent to 17.8 percent. Slightly more American families are expecting their incomes to rise: 22.4 percent are anticipating larger paychecks six months from now, up from 22.1 percent last month. For further information, please visit our Consumer Research Center Website: www.consumerresearchcenter.org