“Economic crisis” in Denmark, USA and the consumer confidence

December 19, 2008

The term "economic crisis /økonomisk krise" mentioned in New York Times and Jyllands-Posten (1994-2008)

The term "economic crisis /økonomisk krise" mentioned in New York Times and Jyllands-Posten respectively (1994-2008)

(See updated graph til 2009 here)

Looking at the graphs above and below, it is shown a clear correlation between the fall of the consumer confidence ( 1998 and 2008 ) and how many times the term “economic crisis” is mentioned in the Danish and American press. All this seemed obvios, but I think it’s interesting to see it.

Danmarks Statistik

Consumer confidence indicator in Denmark ( 1994-2008 ) Source: Danmarks Statistik

This morning I wanted to see the updated consumer confidence in Denmark. By the way it’s a amazing that Danmark Statistik, the governmental statistic office,  gives you THIS free data since 1986.  Anyways, I’m not an economic historian, so I’m only looking at the last 15 years, before the internet bubble.  I wondered what happened in 1998, why the consumers got scared. I wasn’t very sure.

Therefore I looked at the last 15 years for the word “economic crisis” in the archives of the New York Times the most widespread newspaper in the U.S. and it’s counterpart in Denmark, the Jyllands-Posten  (this one only had archives online from 1996). The “hypothesis” would be that there is a strong relationship between these two factors (there is a debate about the independence of these particular variables; that is the  self-fulfilling prophecy, but this is another story) . The point here is that there is a strong relationship between these two variables. It’s also interesting to note the relationship between the U.S. economy and in this case the Danish one.

The big two drops of consumer confidence are in 1998 and in 2008. The thing is that I don’t remember exactly what happened in 1998. The dot com bubble was about to burst, but I don’t remember what else happened.

Oh, yeah, I entered the university…

update: This is what happened

7 Responses to ““Economic crisis” in Denmark, USA and the consumer confidence”

  1. Greg Says:

    Hi Carlos interesting read your article, are you suggesting that one affected the other?

  2. carlos9900 Says:

    Many support this argument, and I somewhat agree with it, but not strongly. However I don’t think the newspapers have a bias towards saying there is an “economic crisis”. We all know they survive with advertisements calling the people to happily spend. But, of course if NYT or Jyllands-Posten says that X.inc has problems, it will certainly increase the possibilities for this company to have problems.

  3. […] at nyt, financialtimes, intereconomia, the coming of Obama, commercials or American realtors, the economic crisis/consumer confidence graph, and few other things, quickly run over my head. I followed, “You know, the economy comes in […]

  4. […] January, 2009 In my last post of 2008, about the consumer confidence and the economic crisis in the press. I kept wondering what happened in 1998, when the consumer confidence indicators went down and all […]

  5. carlos9900 Says:

    I have updated the first graph with the first half of the 2009 https://carlos9900.wordpress.com/2009/07/16/economic-crisis-in-denmark-and-in-the-usa-ii/

  6. […] July, 2009 6 months ago I looked at how many times the term “economic crisis” and “økonomisk… of the USA (New York Times) and Denmark (Jyllands-Posten) respectively. I’m proud of this […]

  7. […] “Economic crisis” in Denmark, USA and the consumer confidence December 2008 6 comments 3 […]

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