That’s how many consecutive weeks the Bloomberg Consumer Comfort Index has declined.
The index, which is based on Americans’ views of the national economy, their personal finances and the buying climate, fell to minus 37.9 in the week ended Nov. 3, down from minus 37.6. Its previous readings were minus 36.1, minus 34.1, minus 29.7, minus 29.4 and minus 28.1.
The personal finances subindex of minus 4.9 is the worst in 11 months, according to a written analysis by Langer Research Associates, which produces the Consumer Comfort Index.
See Ben Schenkel’s story for more about last week’s Consumer Comfort Index.
The declining gauge underscores public concern about the economy a few weeks after a 16-day partial government shutdown ended Oct. 16. The shutdown cost the government about $2 billion and will shave as much as 0.6 percentage point from fourth-quarter gross domestic product, the White House budget office said today. See Lisa Lerer’s story for more.
The index may have declined or stalled parley because of some public anxiety over problems with the implementation of President Barack Obama’s health-care law. The administration’s health insurance website “handled only 1,100 simultaneous users before faltering” in a test one day before the site opened Oct. 1, Bloomberg’s Alex Wayne reported.
The health-care law probably will be a major issue in the midterm elections next year. Obama met Nov. 6 with 15 Democratic senators whose terms expire next year, Bloomberg’s Mike Dorning and Margaret Talev reported. The president said yesterday he was “sorry” than some Americans are losing their health coverage.
“I am sorry that they are finding themselves in this situation based on assurances they got from me,” Obama said in an interview with NBC News.