The NYT, in words:
Home prices dropped again in August and consumer confidence remained at the lowest level in two years, reinforcing investors’ bleak expectations for the economy, a new report showed today. The trouble signs came as Federal Reserve policy makers began a two-day meeting that could culminate in an interest rate cut.The Case-Shiller survey found that prices of homes across 20 major United States metropolitan areas fell 4.4 percent for the 12 months through August, the steepest drop since 2001, when the survey began....
Meanwhile, an October survey of consumers showed confidence in the economy at the lowest level in two years. The confidence index fell to 95.6 from 99.5 in September, which was also revised downward, according to the Conference Board, a private research firm.
A fifth of those surveyed believe there will be fewer jobs in the next six months, and slightly more Americans expect their income to decrease compared with a year ago, the Conference Board said. The share of consumers who believe employment is plentiful dropped below 25 percent for the first time since August 2006.
As always, the NYT then went on to frame the story in terms of stock market performance. Given that all Americans are consumers, but only some are investors, you would think this would not be necessary. And yet, as always, there is it.
You prefer your gloom and doom in pictures? NYT:
As you ponder the meaning of all this, remember that we are only just now at the beginning of a massive wave of home foreclosures, not the end.
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