EARLY SIGNS OF THE END OF THE "BUSH BOOM"

I thought something was odd when I got my first Xmas catalogue about 10 days ago.

Consumer confidence, new-home sales plunge
By Mike Hughlett
CHICAGO TRIBUNE


Consumer confidence plunged in September, hitting a low not seen in two years, according to a monthly report released Tuesday by the Conference Board, a research group. It was also the biggest single-month drop in confidence in 15 years.

The Consumer Confidence Index, compiled from a survey of U.S. households, dropped 18.9 points to 86.6 from a revised reading of 105.5 in August. That marked the biggest slide since October 1990, when the index fell 23 points to 62.6 amid the onset of a recession, the buildup to the first Persian Gulf War and a spike in gasoline prices. The September reading was also the lowest level since October 2003, when it registered 81.7.

Overdue credit card bills hit record high
By JEANNINE AVERSA AP Economics Writer
Sep 28, 5:12 PM EDT
The American Bankers Association reported Wednesday that the percentage of credit card accounts 30 or more days past due climbed to an all-time high of 4.81 percent in the April-to-June period. It could grow in the months ahead, experts said.
The previous high of 4.76 percent came during the first three months of the year, in keeping with a generally steady rise over the past several years.
"The last two quarters have not been pretty," said Jim Chessen, the association's chief economist.
Chessen and other analysts mostly blamed high prices for gasoline and other energy products, but said that low savings and higher borrowing costs also played a role.
"The rise in gas prices is really stretching budgets to the breaking point for some people," Chessen said. "Gas prices are taking huge chunks out of wallets, leaving some individuals with little left to meet their financial obligations."