Falling Consumer Confidence Index Is Not Good News For The Fragile Economic Recovery

It is not good news the consumer confidence index noted by The Reuters/University of Michigan has fallen by 1.8 points in January to rest at 72.7 because of increasing concern about the health of the economy.

The prices of food basic kept on the table and those eaten outside have fallen. Energy prices too are running away. Recently oil prices have gone up making heating at home and filling up the car more costly. The average of $3.10 per each gallon makes a dent in planned spending. It is 36 cents more than what it was one year previously and 12 cents more than previous month.

Taxes have gone wild and keep getting more unruly. Public coffers are being depleted thanks to the recession. The administration at the state and central levels are still trying to find out ways to fill yawning budget gaps with the focus being on cutting services and increasing taxes.

Very recently Illinois residents woke up to swallow the news that the personal income taxes have high jumped to 66% - going up from 3% to 5%. It could be mimed by other states with fiscal headaches like California, New York and surprisingly even Texas.

Airfares too are soaring high. The largest air carrier hiked their fares for the third time since the middle of last December. Southwest airlines too joined in all being linked to hike in crude oil price said Jamie Baker airline analyst with J.P. Morgan.

The revenues of banks have gone down thanks to legislative measures. Now they are hunting for other venues to generate cash. One out of every two families in the country has dealings with Bank of America. Earlier in January the bank announced it would raise fees and reframe its accounts structure. J.P. Morgan as well as Wells Fargo will follow suit; smaller financial entities will not lag behind.

Television viewing and telephone bills have not been spared the increase in costs. Home lines in Chicago are being hiked by 63%. Others too are following suit. Across the nation the hike has ranged from 2.4% to over 9% as per the findings of Multichannel News.

Costs are also increasing in other spheres like cotton. This has led to price hikes in blouses, denim, books as well as coffee.

The last straw is the job scenario. It continues to be scarce. The recovery cannot take off without it. Many families have managed to keep on hold spending and clearing debts but unemployment and foreclosures are still haunting the nation.

About the Author:
Julie Thompson, has been working on ForeclosureDataOnline.com studying the foreclosures market, helping buyers on the finer points of huntington station foreclosed homes.

Article Originally Published On: http://www.articlesnatch.com

Tags: huntington station foreclosed homes

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