… WHICH MEANS THEY AREN’T SPENDING
|| By FITSNEWS || America’s promised economic renaissance remains as elusive as ever … at least that’s the takeaway from the latest consumer confidence readings.
According to the The Conference Board’s data, this critical measurement plunged to 95.2 in April – down from a revised reading of 101.4 in March. Analysts had expected an uptick to 102.5 – making this the biggest miss to expectations in more than five years.
Americans anticipating more jobs in the coming months saw their numbers decrease from 15.3 percent to 13.8 percent, while those anticipating fewer jobs rose from 13.6 percent to 16.3 percent. Meanwhile the percentage of consumers expecting their incomes to increase in the coming months decreased from 18.8 percent to 18.3 percent, while those expecting their incomes to decline increased from 9.7 percent to 11.2 percent.
“This month’s retreat was prompted by a softening in current conditions, likely sparked by the recent lackluster performance of the labor market, and apprehension about the short-term outlook,” said Lynn Franco, the group’s director of economic indicators. “The Present Situation Index declined for the third consecutive month. Coupled with waning expectations, there is little to suggest that economic momentum will pick up in the months ahead.”
But wait! What about all those “rainbows and unicorns” predictions?
Ummmm … yeah. About those.
Of course it’s not like anemic growth is anything new. Since 2000 – when the era of obscenely big government began – U.S. GDP peaked at 3.8 percent in 2004. It hasn’t seen three percent growth in ten years, four percent growth in fifteen years and five percent growth in thirty years.
Yet America’s leaders are continuing to fail this country … imposing crony capitalist, welfare statist, global interventionist policies that are decimating our jobs and income levels.