Consumer confidence tumbles

The Conference Board Consumer Confidence Index fell to a reading of 38 in December, down from 44.7 in November and matching the record low set in October.
DEC 30, 2008
The Conference Board Consumer Confidence Index fell to a reading of 38 in December, down from 44.7 in November and matching the record low set in October. Economists surveyed by Briefing.com Inc. of Chicago were expecting the index to fall to 45.5. “The further erosion of the Consumer Confidence Index reflects the rapid and steep deterioration of economic conditions that occurred in the fourth quarter of 2008,” Lynn Franco, director of the Conference Board Consumer Research Center, said in a statement. “The overall economic outlook remains quite dismal for the first half of 2009, and only a modest recovery is expected in the second half,” she wrote. The present-situation index, which measures how shoppers currently feel about the economy, plunged to 29.4 in December from 42.3 in November. The expectations index, which measures shoppers’ outlook over the next six months, fell to 43.8, from 46.2. The Conference Board is based in New York.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.