The Conference Board Consumer Confidence Index, which had increased in January, declined sharply in February. The Index now stands at 46.0 (1985=100), down from 56.5 in January. The Present Situation Index decreased to 19.4 from 25.2. The Expectations Index declined to 63.8 from 77.3 last month.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world’s largest custom research company. The cutoff date for February’s preliminary results was February 17th.

Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer Confidence, which had been improving over the past few months, declined sharply in February. Concerns about current business conditions and the job market pushed the Present Situation Index down to its lowest level in 27 years (Feb. 1983, 17.5). Consumers’ short-term outlook also took a turn for the worse, with fewer consumers anticipating an improvement in business conditions and the job market over the next six months. Consumers also remain extremely pessimistic about their income prospects. This combination of earnings and job anxieties is likely to continue to curb spending.”

Consumers’ assessment of current-day conditions soured in February. Those claiming conditions are “good” decreased to 6.2 percent from 8.5 percent, while those claiming business conditions are “bad” increased to 46.3 percent from 44.7 percent. Consumers’ assessment of the labor market was also more pessimistic. Those saying jobs are “hard to get” rose to 47.7 percent from 46.5 percent, while those saying jobs are “plentiful” decreased to 3.6 percent from 4.4 percent.

Consumers’ short-term outlook, which had been improving, lost considerable ground in February. The percentage of consumers anticipating an improvement in business conditions over the next six months decreased to 16.7 percent from 20.7 percent, while those anticipating conditions will worsen increased to 15.3 percent from 12.7 percent. Regarding the outlook for the labor market, the percentage of consumers expecting fewer jobs increased to 24.6 percent from 18.9 percent. Those anticipating more jobs will become available in the months ahead declined to 13.4 percent from 15.8 percent. The proportion of consumers anticipating an increase in their incomes declined to 9.5 percent from 11.0 percent.

Las Vegas – February 22, 2010 – Barron’s today named Randy Garcia (56), Chief Executive Officer of the Investment Counsel Company, the top financial advisor in Nevada.

Mr. Garcia founded the Investment Counsel Company (ICC) in 1987. With $705 million under management and 14 employees, ICC is the oldest and the largest independent investment management consulting firm in Nevada. 

In its recognition of Mr. Garcia, Barron’s wrote, “Ranked #1: Randy Garcia, The Investment Counsel Company. If the mention of a Las Vegas market brings sparkles, feathers, and showgirls to mind, think again. Randy Garcia, head of The Investment Council Company in Nevada, says his clients are a conservative lot. ‘It’s the tourists who tend to be flashy,’ he says. Garcia, who has been advising for more than 30 years, credits his firm’s success to a policy of open architecture – directing clients to the best money managers, wherever they may be, and helping them get the best deals possible. ‘We aggressively seekand achieve institutional-level investment access for our clients,” Garcia says. He and his team make a point of meeting with clients at least once at quarter, so that they stay informed about their investments and developments in the market. “Everyone knows how to measure performance,’ Garcia says, ‘but not every investor knows how to measure risk. That’s where we come in.’”

Mr. Garcia, an honors graduate of the University of Nevada, Las Vegas, also attended the University of Santa Clara, School of Law and completed executive education programs at Harvard University and Wharton School of Business.

He is the first Nevadan to earn both the Certified Investment Management Analyst (CIMA) and the Accredited Investment Fiduciary Analyst (AIFA®) professional qualifications.

 Mr. Garcia said “We are pleased to have received this recognition from Barron’s, one of the most respected business publications in the nation. It is important to note that without the Investment Counsel Company team, our Firm would not have the success it has today.  That success is the result of our team’s sustained passion and commitment as our clients’ investor advocate to achieve their financial objectives.”

 About The Investment Counsel Company

 The Investment Counsel Company, Nevada’s first independent investment management consulting firm, provides superior investment guidance, perspective and judgment to affluent families, corporations, foundations and endowments who expect and value the highest standard of integrity and personalized, competitive service.

Business Wire will host a a free luncheon on The Impact of Social Media on Traditional News Reporting on March 11, 2010.  John Edwards of Las Vegas Review Journal, Steve Green of Las Vegas Sun and George McCabe of B&P Public Relations will provide their own unique insight on the impact that social media has had on traditional news reporting.

11:30 am – 12:00 pm: Networking & Lunch
12:00 pm – 12:45 pm: Program
12:45 pm – 1:00 pm: Q & A
Location:
Gordon Biersch Las Vegas
3987 Paradise Road
Las Vegas, NV 89169

To register, please RSVP
to billy.russell@businesswire.com

Consumer prices rose less than expected in January while prices excluding food and energy fell for the first time in more than a quarter-century.

The Labor Department reported today that consumer prices edged up 0.2 percent in January while prices excluding food and energy slipped 0.1 percent. That was the first monthly decline since December 1982.

The benign inflation news gives the Federal Reserve more time to keep interest rates at record-low levels to shore up the economy and should ease worries in financial markets that a Fed rate hike is more imminent.

The news on consumer prices was better than expected, especially after a government report Thursday showed that wholesale prices shot up 1.4 percent in January.

The 0.2 percent rise in overall prices reflected a 2.8 percent jump in energy costs, the biggest one-month gain since August. Energy prices were driven up by a 4.4 percent rise in gasoline pump prices and a 3.5 percent increase in the cost of natural gas. Read the rest of this entry »

Real average hourly earnings was unchanged from December 2009 to January 2010, seasonally adjusted, the Bureau of Labor Statistics reported today. A 0.2 percent increase in the Consumer Price Index for All Urban Consumers (CPI-U) was offset by a 0.2 percent increase in average hourly earnings for all employees. Real average weekly earnings grew 0.3 percent over the month, as a result of a 0.3 percent increase in the average work week and no change in real average hourly earnings. Over the past 6 months, real average weekly earnings are essentially unchanged.