U.S. consumer sentiment drops in November to near two-year low; U.S. labor force participation rate falls to lowest since March 1978

“U.S. consumer sentiment unexpectedly dipped in November to a near two-year low as lower-income households worried about their job prospects and financial outlooks and negative views of the government lingered, a survey released on Friday showed,” Reuters reports. “The Thomson Reuters/University of Michigan’s preliminary reading on the overall index of consumer sentiment fell to 72.0 in November, its lowest since December 2011. That was lower than both October’s final reading of 73.2 and the 74.5 economists had expected this month.”

“Lower-income households in particular worried about their future financial state. That was a contrast to richer households—those with incomes above $75,000—which felt more optimistic as stock prices increases boosted net wealth gains,” Reuters reports. “Nevertheless, consumers largely remained nearly as negative on government policies as they were last month, when a federal government shutdown prompted worries growth would drag… ”

“The survey’s gauge of consumer expectations edged down to 62.3, compared to 62.5 in October and expectations of 64.0. The index of current conditions slipped to 87.2 from 89.9 last month. Analysts had projected a reading of 90.0,” Reuters reports. “U.S. consumer spending increased modestly in September as households boosted their savings and inflation remained benign, pointing to sluggish domestic demand. The Commerce Department said on Friday consumer spending rose 0.2 percent after advancing 0.3 percent in August.”

Read more in the full article here.

“There were a net 204,000 new jobs created for the month, though the unemployment rate rose to 7.3 percent and households reported a huge drop in employment, the Bureau of Labor Statistics said,” Jeff Cox reports for CNBC. “A separate measure that includes the underemployed and those who have quit looking also moved higher, from 13.6 percent to 13.8 percent.”

“The civilian labor force tumbled by 720,000 and the labor force participation rate fell to its lowest since March 1978,” Cox reports. “Most startlingly, the household survey actually saw employment fall by 735,000 for the month.”

Read more in the full article here.

MacDailyNews Take: Not the greatest news for Apple’s 2013 Christmas shopping season prospects in the company’s largest market.

[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]

Related article:
Anemic U.S. jobs report heightens concerns that lackluster economy stalling – October 22, 2013

80 Comments

  1. When we deprive people of what they have earned, or take away their jobs, we destroy their dignity and undermine their families. — Ronald Reagan

    True U.S. Unemployment Rate Hits 23% ~ Highest Since Great Depression – May 2, 2013

    I think the best possible social program is a job. — Ronald Reagan

    Obamacare + Food Stamps = Jobless “Recovery” – May 16, 2013

    The federal government has taken too much tax money from the people, too much authority from the states, and too much liberty with the Constitution. — Ronald Reagan

    Hope and Change: Medicaid and Disability at Record Highs; America is Becoming a Nation of Dependency – May 30, 2013

    Nations crumble from within when the citizenry asks of government those things which the citizenry might better provide for itself. — Ronald Reagan

    U.S. women holding jobs declined by 357,000 from September to October – November 8, 2013

    Yes, there is a “War on Women” and Obama’s failed Keynesian policies are waging it. – Unknown, 2013

      1. Try the TEA Party or the Libertarian faction of the Republican Party. They are by far the most philosophically-based approaches to government. Three parts: Personal liberty; Rule of law, with an emphasis on the constitution; and that complex systems operate best using simple, decentralized rules vs a strong, centralized control (think of a school of fish reacting to a predator – no central control. Now think of free enterprise and free markets)

        1. Philosophically, I am closest to the Libertarians. That doesn’t mean I agree with some of their own hair brained ideas, however. I’ve seen some very strange stuff come out of their mouths.

          As for the Tea Party: They started as a Libertarian project but were almost entirely sabotaged and puppeteered by the Neo-Conservatives, whom Ronald Reagan derisively, correctly and effectively called ‘The Crazies’. That craziness is all too evident throughout the absconded Tea Party. Where I live, we tried a Tea Party Congresswoman for a couple years. She was a horror. We voted back in the Democrat guy she booted out, not that he’s any winner either.

            1. The ‘Tea Party’ is the hillbilly party prodded and manipulated by none other than the Neo-Conservatives. Why anyone bothers with this fraud is beyond my personal comprehension. The entire attitude is that people are sheeple. Herd them and we can make these idiot sheep say and do anything we want. And with successful propaganda, the puppeteers do exactly that. The Tea Party is a massive boil on the obese backside of a cancerous and dying USA. Do what the boil says and you get to watch it spew puss on the country.

              As opposed to intelligence, knowing what you’re talking about, being kind, caring, thoughtful, balanced, educated…

            2. Oh, good God, Derek. you haven’t a goddam CLUE what the Tea Party is about other than what you can muster in your shallow mind while trying to piece together a cobblestone hodgepodge of ‘über over-intelligence’ to up your shallow self-worth. Yes, look at a few loon candidates and then act as if the Democrats or RINOs never throw the same type idiots in the ring.

              Neo-Cons are MODERATES you clueless middle-mudler. Hawks on defense and easy on social issues.
              Tea Party’ers are one rung up from Libertarians and a few below Republicans on the scale of accepting government control.

              They don’t hold all the ideals that Conservatives do, mainly because they are against over-reaching government and spending, but may not be as hardline Constitutionalist as we Conservatives or even religious as Christian Conservatives, although we all have some overlapping goals.

              You know you NEVER choose a realistic stand or candidate because you are too scared to do anything other than wimper about ideals without any real roadmaps, being instead against anything to show how wide brimmed your mind is. Good Lord, ANYONE can find fault with anything. The hard part is doing something that attempts to work and not just stand on the Monday morning sidelines and bitch.

              Look, I read a lot of your computer-related post and learn what I can. Beyond that, you don’t seem to really know much about the true world, and that is a shame.

  2. March 1978, you say? Gee who was U.S. president then?

    Oh, right, America’s second-worst president. But, I do remember who came next! Very fondly.

    Well, sometimes you have to hit rock bottom before you get your thinking right, cut your addiction to inefficient, wasteful central planning federal government, and can recover to thrive once again.

    Don’t worry, it’s almost morning in America again. True hope is right around the corner. It’s name is conservatism. Let’s go, go go!!!

    1. You again!
      Anyone who would practice economic brinksmanship and close a government to attain the wishes of a minority is a traitor. So, go ask your buddy paul ryan (conspicuously absent during the tea party shennanigans) where he was over the last two months.

      Reactionary politics doesn’t interest me. You offer no solutions, no facts and certainly no programs to move the country forward. You should have studied history instead of masturbating in the lavatory during school.

      1. 1. Repeal Obamacare. It has done more to hurt the economy and its prospects for meaningful recovery than anything.

        2. Enact medical liability reform

        3. Allow purchase of health insurance across state lines

        4. Expand health savings accounts

        5. Ensure access for patients with pre-existing conditions by incentivizing states to develop innovative programs that lower premiums and reduce the number of uninsured Americans.

        6. Cut government spending to pre-stimulus, pre-bailout levels

        7. Immediately to cancel unspent “stimulus” funds

        8. Adhere to the U.S. Constitution

        9. Permanently stop all job-killing tax hikes

        10. Give small businesses a tax deduction

        11. Repeal job-killing small business mandates

        12. Pass clean troop funding bills

        13. Fully fund missile defense

        14. Require tough enforcement of sanctions against Iran

        15. Establish operational control of the border

        16. Work with state and local officials to enforce U.S. immigration laws

        17. Stop electing “community organizers” who lack practical experience, suffer from crippling narcissism, who have never held a real job, who have only been on their wife’s healthcare plan or had one provided to them by the U.S. taxpayer and who’ve never had to buy a plan themselves, yet who feel qualified to sign ill-conceived laws that meddle with and disrupt every citizens’ healthcare situation (including significantly degrading what was once the world’s healthcare gold standard), and whose main interests, beside lying to the American people, appear to be having parties, taking vacations, and, above all else, scheduling tee times.

          1. Typical liberal loser response. When confronted with good, sound solutions that don’t conform to your twisted worldview, you can’t pull out race card fast enough, can you Alinsky?

            Losers like you are a big part of the problem, not the solution.

            1. Yes, the truth. Republicans have called Obama everything under the sun because they can’t use the N-word in public.

              Eight years under Bush and not one thing did the republicans do for those without healthcare. Oh, there was that thing about a private saving healthcare account that would have meant the end of Medicare.

              Then five years under Obama and all the republicans have to offer is let’s scrap Obamacare and start all over. All of 13 years and the republicans have nothing to show it or anything else except their mantra, lets cut taxes, cut aid to the poor, cut services, cut regulations, cut existing laws and yeah lets provoke Iran into WWIII or at least a global fossil fuel crises that brings the world economy to a halt. Oh yeah, praise Jesus.

            2. Thank you for your dog whistle.

              That’s right, most republicans are insecure, hateful and racist towards Obama, in public. The balance express it through their public silence but rejoice in it in private.

            3. “Five years under Obama and all the Republicans have to offer is, ‘let’s scrap Obamacare and start all over.'”

              Wrong. My list above is the position of the Republican Majority in the U.S. House of Representatives:
              http://www.gop.gov/indepth/pledge/healthcare

              So, yes, you’re wrong again, you confused, imbecilic twonk.

              The GOP has been quite consistent in its plans to correct healthcare issues without destroying healthcare in America by placing 1/6th of the economy into the incompetent hands of bumbling federal bureaucrats. Of course you won’t hear this on your left-leaning news outlets or infotainment TV shows.

              It’s over, little boy. As usual, your progressive dream has imploded yet again.

              You’ve set the stage for Reagan II. For that, I thank you and your kind. The U.S.A. thanks you, too. Eight years of incompetent hell was what it took to teach the next generation of voting Americans that Democrats are fools. Last time, with Carter, it only took four years for the lesson to be learned. Oh well, dumbing down, etc. Of course, Iran will likely have the bomb by the time President Food Stamps slinks away, so that’ll be some Lib mess left behind that the GOP will have to clean up, as usual.

              Still there is real hope coming: Morning in America begins to dawn again on Tuesday, Nov. 4, 2014.

              Thanks, Dem/Lib/Progs for setting the stage so perfectly with your utter and predictable incompetence!

            4. You’re embarrassing yourself, again. Not that it would matter to one such as yourself that has little to no shame. In case you missed it, Obamacare has only had a few implementation since it was signed into law. Please explain to me how something that hasn’t taken full affect yet has destroyed our current healthcare? And what have republicans proposed, nothing except voting 43 times to repeal Obamacare.

              I’ll repeat myself since you obviously ignored my comment on republican ideology.

              “Then five years under Obama and all the republicans have to offer is let’s scrap Obamacare and start all over. All of 13 years and the republicans have nothing to show it or anything else except their mantra, lets cut taxes, cut aid to the poor, cut services, cut regulations, cut existing laws and yeah lets provoke Iran into WWIII or at least a global fossil fuel crises that brings the world economy to a halt. Oh yeah, praise Jesus.”

          2. Why you just be honest with yourself? You’re a race-baiting loser who espouses old, tired, socialistic ideas that have repeatedly failed throughout history, just like your know-nothing messiah Obama.

            1. Something you can never be with yourself, honest. You’re a lap dog of the wealth right wing entertainment complex that exploit your fears and racist hatred. Enjoy Beck’s plastic Obama Jesus and that pee tea drink that Rush has to sell by the case because no store would carry it for fear on being boycotted.

      2. Economic brinksmanship!?!?!! Close the government!!?!??! Really??!?! 87% of the federal government remained operational. Quit being so reactionary. Tell me the harm of the “catastrophic” action.

  3. Just a bit harsh, don’t you think?
    Keynes was brighter than Reagan, who was a POLITICIAN.

    We haven’t had a Keynesian economic policy during this entire time of economic meltdown.

    1. “We haven’t had a Keynesian economic policy during this entire time of economic meltdown.”

      Not one the far Left would truly love to have in place… Thank God!

      Keynes, who was an ECONOMIST, didn’t have the common sense God gave a rock or the Liberty Loving of Freedom that Reagan had!

      1. Geez, Keynes was an economist. Really? Are you absolutely sure?

        Reagan was an actor. He had alzheimer’s and died from its complications. Reagan would have laughed at all of you and your silly little arguments about economics.

        Keynes would have laughed at you too (even without the common sense that you say is important).

        Facts, brother, facts. You haven’t given us any. Just diatribe.

        1. Gosh, I guess you need to read several Noble prize winning economist – like Friedman and Hayek, who really reject all things Keynesian. I’ve read all three and, as a thinking person, side with Milt and Friedrich. Do you really believe a single smart person or bureau can effectively manipulate something as complex as our economy? Centrally controlled economies always fail – us now, the Soviets before us, and list goes on. I’m saying free markets don’t have ups and downs, but the crushing failures of centralized economies can’t be disputed.

        2. “Reagan was an actor. He had alzheimer’s and died from its complications.”

          WTF does that matter?
          You make it sound as if he went from the set to the stump and had Alzheimer the entire time.

          Granted, he wasn’t an economics professor, but aren’t those the same ‘experts’ that are surprised EVERY week, month, quarter, and/or year by an unexpected WHATEVER just happened (upturn, downturn, labor numbers, interest, markets)?

          Yeah, most economist know numbers but are baffled by reality….

  4. But the Walton’s own more wealth than 40% of the population of the U.S. Increases in stockholder value at the expense of the middle-class is a road to nowhere. Only the top 30% of the population will have enough money to be able to spend any, but they won’t be spending it. The politicians however, would have you believe that the only solution is to reduce taxes on the top 30%, because they’re business owners and if they have more money, they’ll hire more people. Ha-ha-ha.

  5. The biggest issue is the jobs being created are very low paying. The inequity in companies that are making more money but moving the distribution of that income to were the top 5% are getting all of the increase. The average wage earner, the ones that actually spend most of what they earn putting it back into the economy is much less or nothing.

    1. botvinnik, you had better stop right there. Based on the context of your previous posts and the terminology in your current post, it appears to me that you just threatened the life of the President of the United States. That is a criminal offense.

      It is clear that you are obsessed about this topic and hidebound in your viewpoints, but you should take a break and reconsider your statements.

      1. KingMel,

        Don’t waste the bits on these polititrolls. (Unless you’re playing a little game of botvinnik baiting to break up a little boredom. :lol:)

        Remember the maxim:
              Simple minds need simple answers to complex problems.
        It explains a lot of the posts here…

          1. I feel honoured that the Great and Mighty botvinnik should respond to my paraprahasing of H. L. Mencken. I can only respond humbly with another most apropos quote from Mark Twain:
                It is discouraging to try and penetrate a mind like yours. You ought to get it out and dance on it. That would take some of the rigidity out of it.
            😆

            1. A -1 for you for using the same author…

              “I would never lie, never lie, never lie
              (It’s all your fault)
              But you don’t even try, even try, even try
              I hate lying to you, but you can’t handle the truth
              Can’t handle the truth…” — Joanna Levesque

        1. Understood, Wzrd. I kept out of it until botvinnik made that asinine threatening statement regarding the POTUS. You will notice that he repeated it rather than denying it. It is legal to be a vocal, blithering idiot. But botvinnik went beyond that line into criminal territory.

          NSA, meet botvinnik…you should know him quite well by now.

  6. Interesting,
    The most fiscally responsible party in north of the border is the Liberal party, not the conservatives who blew the
    Liberal’s balanced budget and instituted record spending deficits.

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