Consumer confidence sinks to all time low amid recession
New York reports show consumer confidence at 38 in December, the lowest since 1967, with housing prices in 10 major cities dropping sharply in October. The bleak data reflect rising layoffs and cautious spending as shoppers pull back on big purchases and store-brand use rises.
MENTIONED IN THIS ARTICLE
New York
U.S
Conference Board
Thomson Reuters
Confidence Slips as Job Losses Mount in 2009 Outlook
The Conference Board survey shows 42 percent of households say jobs are hard to get in December, up from 37.1 percent in November amid a 15 year high unemployment rate of 6.7 percent. Those saying business conditions are bad rise to 46 percent, signaling consumer spending may fall into 2009 and the recession could extend into the first half of next year.
MENTIONED IN THIS ARTICLE
Dana Saporta
U.S
Dresdner Kleinwort
Conference Board
Saporta
GMAC
Martin
GMAC loosens credit to spur auto loans
GMAC Financial Services raises lending to revive car and truck loan access using funds from the 700 billion bailout. GMAC offers zero to low interest deals on select 2008 and 2009 models as dealers report rising traffic and hopeful buyers.
MENTIONED IN THIS ARTICLE
New York
General Motors Corp
Gmac Financial Services
GMAC
Fed to begin buying mortgage backed securities next month
The Federal Reserve will start purchasing up to 500 billion dollars in mortgage backed securities early next month to boost housing demand. It will buy Ginnie Mae Fannie Mae and Freddie Mac guaranteed securities, with purchases extending to the end of Q2 2009. The program aims to lower loan rates and spur refinancing.
MENTIONED IN THIS ARTICLE
GMAC
General Motors Corp
U.S. Treasury
Fed
Washington, D.C
Federal Reserve
Fannie Mae
Freddie Mac
Ginnie Mae
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