Biz

Consumer Confidence Slumps

BLAME THE WEATHER? ERRR …  At a time when they’re supposed to be fueling a comeback from the “weather-driven” economic collapse of earlier this year (damn you, “global warming“), American consumers don’t appear to be following the script. Specifically, the Thomson Reuters/ University of Michigan index of consumer sentiment fell…

BLAME THE WEATHER? ERRR … 

At a time when they’re supposed to be fueling a comeback from the “weather-driven” economic collapse of earlier this year (damn you, “global warming“), American consumers don’t appear to be following the script.

Specifically, the Thomson Reuters/ University of Michigan index of consumer sentiment fell from a revised 82.5 to 81.3 – its lowest reading since March and its third consecutive monthly decline.

Making matters worse?  Economists had expected the index to climb to 83 – making this the biggest expectations miss since December 2012.

Consumer confidence is a key indicator because it it drives retail spending – which is responsible for roughly seventy percent of the American economy. Retail spending in turn drives production, which in turn drives job growth, etc.

Survey managers didn’t seem too concerned, though, saying the index was resistant to change in either direction – even when confronted with really bad gross domestic product (GDP) data or really good employment news.

Or what passes for really good employment news these days …

What do we make of the data?  Well, to hear certain of our mouth-foaming commenters tell it – we have no business weighing in on such data because we don’t know our backsides from holes in the ground when it comes the economy.

Be that as it may, in our “amateur” view this consumer confidence print is the latest evidence that 2014’s second half “rebound” isn’t everything the Federal Reserve or Wall Street told us it was going to be.

As we’ve said repeatedly, we want the economy to get better … not statistically, but actually.  That’s good for all  people – and we don’t care who gets the credit for it.

Of course for that to happen, American needs to radically rethink its current relationship to government.

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12 comments

GrandTango July 18, 2014 at 12:36 pm

The leadership in Washington just gets worse. Why would anyone think consumer confidence would get better?

Reply
Deo Vindice SC July 19, 2014 at 6:06 pm

Why are any republicans even there ?

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Vanguard16 July 18, 2014 at 12:46 pm

Gloom, despair, agony on me…..

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Squishy123 July 18, 2014 at 3:57 pm

WOOOOAAAA!!!!

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euwe max July 18, 2014 at 1:26 pm

I can’t *wait* until some *really* horrible catastrophe befalls us that can only be endured as libertarians… who – we will all have to finally admit – were right all along.

Reply
Jackie Chiles July 18, 2014 at 1:53 pm

Terrible attempt at snark.

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Smirks July 18, 2014 at 2:36 pm

If pulling yourself up by your bootstraps fails you, you can always boil them for food.

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euwe max July 19, 2014 at 3:55 pm

I like the idea of going to communion to eat bread.

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Norma Scok July 18, 2014 at 3:55 pm

1) That looks like a boat in the lower middle of that picture 2) that dude holding an umbrella to the left looks like he is holding a rifle 3) I just got a job offer making $10K more than I do now with a bigger bonus. SUCK IT!!1!

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David Jones July 18, 2014 at 7:37 pm

Thank you for the free publicity!

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GrandTango July 19, 2014 at 8:09 am

BORING: We already knew this. I told you 6 years ago.

The Tim McGraw scandal is BIG: McGraw should be in JAIL for assault.

SCPD NAILS it: http://scdigest.blogspot.com/2014/07/tim-mcgraw-should-have-been-arrested.html

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erneba July 19, 2014 at 9:44 pm

Consumer confidence is down and will probably stay that way till the end of Obama’s term. ObamaCare, the Illegal alien invasion, the cost of energy, the state of energy development, etc. is quite a gloomy outlook for the average citizen. People not only look at the current economic numbers, but also to what the current political decisions will have on economic development in the future. It does not look good.

Reply

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