From the number of accolades thrown Turkey's way in the international financial press recently, one would think that the above graph was a mistake. Consumers mostly "pessimistic" in Turkey? Not possible.
But as the graph shows, since June of 2005 consumers have, indeed, been feeling pessimistic. The only redeeming feature of the graph is that Turkey's consumers aren't feeling nearly as pessimistic as they were in September 2005 when the long slide in confidence beginning in March of 2005 finally began to turn around.
According to a January 23, 2006 news bulletin from the Turkish Statistical Institute (TURKSTAT) consumers were especially gloomy about the current level of their purchasing power. And they didn't feel too much better about it when they were asked to think about purchasing power six months from the December 2005 survey.
The future (six months) purchasing power component of the overall confidence index did show a difference between current feelings, and the difference was significant-4.27 points- but it is worth noting that future six month purchasing power component declined negative 0.76 percent between November 2005 and December 2005.
Consumer feelings about current purchasing power also declined between November 2005 and December 2005, falling negative 1.45 percent.
TURKSTAT said that consumers were unhappy with prospects for the overall economy three months ahead. That component declined negative 0.91 percent for the same period.
Consumers were feeling a bit better about job opportunities over the next six months. The job component increased 1.08 percent but the index number still remains in the pessimistic category at 90.69.
Interestingly enough, when TURKSTAT asked its respondents whether or not this was the time to buy...