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		Home Page Mortgage News You Can Use Consumer Sentiment in U.S. Declines More Than Expected in Michigan Survey Feb. 13 (Bloomberg) -- U.S. consumer sentiment fell this month from the highest level since November 2000, a survey by the University of Michigan found. The university's preliminary index of consumer sentiment for February was 93.1, compared with a final reading of 103.8 for January. Economists had projected the gauge would slip this month to 103, based on the median of 50 estimates in a Bloomberg News survey. Weak job growth is restraining optimism about an economy growing at the fastest pace since 1984. The economy created 112,000 jobs last month, fewer than the 175,000 expected. While gross domestic product rose at an average annual rate of 6.1 percent in the last half of 2003, just 184,000 new jobs were created over that time period. ``While early and bigger tax refund checks should help boost morale, consumers are still worried about the lack of job growth,'' said Jose Rasco, senior economist at Merrill Lynch & Co., before the report. The preliminary Michigan index is based on a survey of about 250 households. A final reading, with a sample of 500 households, is due Feb. 27. The survey's expectations index, based on optimism about the next one to five years, fell to 88.4 from 100.1 a month earlier. Current Conditions The current conditions index, which reflects perceptions of consumers' financial situation and whether it is a good time to make major purchases, dropped to 100.4 from 109.5 in January. Fed studies have shown that confidence indicators don't always predict changes in spending patterns. Consumer confidence tends to track the labor market, while spending, which accounts for 70 percent of the economy, is tied more to a person's view of his future wealth. Sales at Sunbury, Pennsylvania-based Weis Markets, Inc. stores open a least a year rose 3.1 percent in the fourth quarter, ``despite continued consumer caution due to an uncertain economy in many of our markets,'' said Norman Rich, Weis Markets' president and CEO, said in a statement. The inability of the economy to generate jobs is a growing threat to President George W. Bush's reelection. His approval rating has fallen to a low of 50 percent and more than half of U.S. adults disapprove of his handling of the economy, according to an ABC-Washington Post poll released last night. Greenspan Optimistic Still, Fed Chairman Alan Greenspan told Congress this week that January's job growth should be the beginning of a trend. ``In all likelihood, employment will begin to grow more quickly before long as output continues to expand,'' he said in testimony to the House Financial Services Committee. Companies are becoming more confident. The Associated Industries of Massachusetts' survey of regional companies rose to 59.1 last month, the highest since November 2000, from 57.5. A reading above 50 means more of the area's companies expect improved conditions than don't. The Michigan Retail Index, a joint project of the Michigan Retailers Association and Federal Reserve Bank of Chicago, found that 48 percent of the state's retailers expect sales to increase in the first quarter, the highest since 1999. ``Optimism remains high for a number of reasons, including improved performance the last half of 2003 and a rebounding economy,'' said Larry Meyer, chairman of the Michigan Retailers Association. Hewlett-Packard Co., the world's second-largest computer maker, said first-quarter sales rose 9.1 percent, the high end of the company's forecast as demand recovered. ``There is no question the economy is improving,'' Carly Fiorina, chief executive of Hewlett Packard, said this week. ``Business in growing, the signs are getting relatively healthy,'' said Dell Inc. Chief Executive Michael Dell on a conference call with reporters yesterday. Fourth-quarter profit increased 24 percent to a record at the personal-computer maker.   Back to Original Article: News You Can Use   Continue with: U.S. Trade Deficit Hit Record High in '03 Treasuries, Friday, Feb. 13 Treasury's Snow blames war on terror for US deficit
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