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Consumer
expectations also fell to their lowest level
in four months in December, dipping to 64.6
points. This is significantly down from
the anticipated figure of 78 points that
had previously been forecast.
So
what has changed?
The
American consumer is now concerned about
the looming fiscal cliff in the New Year.
One fear that has tempered Novemberˇ¦s enthusiastic
outlook is taxes, experts say.
"Americans'
outlook on the economy and their finances
took a turn for the worse in early December,
likely due to anxiety about the potential
for higher taxes resulting from contentious
discussions in Washington over fiscal issues,"
Reuters reports.
The
other concern, which is in part related
to the increase in taxes is jobs, which
had been a high-point in the November survey.
The
survey revealed that Americans are fearful
that companies may hold back or fire employees
as a result of an increase in tax.
While
the news does seem markedly different from
one month to the next, the important thing
to remember is that this is only just sentimentˇXwhich
as we can see, may change at the drop of
a hat.
But
it is nonetheless important, as consumer
sentiment drives consumer spending, which
drives shipping.
The
good news however, is that US unemployment
dropped to its lowest level in November
in nearly four years to 7.7 per cent, down
from the rates in the upper eight per cent
range for most of the year.
But
analysts are quick to point out that this
significant improvement is more indicative
of a decline in the number of Americans
actively searching for jobs, as many have
given up in the current difficult climate.
Housing
starts remain a positive as well, and housing
prices are on the rise.
In
fact the Thomson Reuters/University of Michigan
survey revealed that one in four home owners
said their home values had increased, which
is the best result recorded since January
2008, before the financial crisis.
So
whatˇ¦s the take-away from all of this?
Will
container shipping's number one customer
offer the market much hope for growth in
2013?
Odds
are we will see a very similar picture to
what unfolded in 2012ˇXslow, conservative
growth.
However,
an important issue to keep an eye on, as
was highlighted in the Global Port Tracker
report, is the potential for strikes at
east coast ports.
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