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Wednesday, February 24, 2010

SBE Council Chief Economist on Latest Consumer Confidence Numbers

Yesterday, Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement regarding the new consumer confidence numbers from the Conference Board:

"This latest look at consumer confidence was, to say the least, worrisome. Though still at grim levels, there had been some improvement in the outlook of consumers in recent months. But that ended in February. Consumer confidence shifted down in terms of assessing present conditions, as well as looking down the road a bit. It's notable that consumers grew more pessimistic about business and labor market conditions.

"A major problem here is that public policy is doing nothing to bolster confidence in the economy. Unprecedented increases in federal spending and debt, looming tax increases, government interference in major industries, and bankrupt 'stimulus' efforts pose serious threats to entrepreneurs, small businesses, the economy and job creation. Even if some of our leading politicians fail to grasp this reality, a good chunk of entrepreneurs and workers seem to get it."

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