INDEX GIVING UP PREVIOUS GAINS …
|| By FITSNEWS || It was another bad week for the people who are really responsible for turning the U.S. economy around. You know, American consumers.
Bloomberg’s Consumer Comfort Index (CCI) fell to its lowest level in a month this week – dipping from 43.2 to 42.4 on its scale of zero to 100. The measure has lost 1.6 points since June 28, surrendering nearly half the 3.9 points it gained during the last three weeks of June.
Of course that uptick had only partially restored a 7.8 percent dip in the spring.
What’s going on?
“Retail sales and growth in manufacturing have remained weak and the markets have lacked any real direction,” the economists who compile the report (.pdf HERE) noted. “While unemployment is at a seven-year low, wages have been largely flat.”
The only real good news? This week’s data showed a modest uptick in consumer comfort in the South – bucking the national downward trend.
Published weekly since December 1985, the CCI records Americans’ views on three key items: The national economy, the buying climate and their personal finances. Produced by Langer Research Associates, CCI data is based on 1,000 national random-sample landline and cellular telephone interviews, 250 per week (in a four-week rolling average).
What do we make of this data?
Well, it’s interesting consumer comfort is weakening during the second (now third) quarter – which is when the U.S. economy was supposed to be hitting its stride after an abysmal first quarter.
That bodes poorly for the future.
We’ve said it before, we’ll say it again: Until our leaders reverse course and engage the free market – as opposed to additional wealth redistribution, crony capitalism, welfare statism and global interventionism – we shouldn’t expect our economy to improve. In fact, we should expect things to get worse.
What’s hilarious, if not pathetic, is that FITSNews is always surprised to learn that Obama lied your DUMB ass.
You’re so fucking Stupid, you’ll probably believe Hillary that the GOP did it, and you have to vote for her to fix the Fucking mess Obama has made.
Thank you, dumbass. You’re so enlightening. More than that, you’re so original. It’s not as though we didn’t hear this same damn thing from you incessantly before you started cowering behind your many pseudo names. And yet you used to castigate so many others on here for using various names. Give my regards to your boyfriend, Mr Bingham.
So you admit, by attacking him, not his substance, what he is saying is true, right?
Because Big T isn’t attacking anybody and never does, t right?
So you admit that by attacking him attacking you and not your substance, that what he is saying about you is true, right?
You mean Bit T Vasolined.
I generally agree, that we need free market reforms. Our economy is still digesting the massive Obomacare. Many are holding back on investment because of uncertainty and increased regulation of water ways (really ditches), air pollution, the war on coal. The new regulations on overtime pay and who constitutes management is just another reason for companies to hold a wait and see possition.
Free market reforms doesn’t free the country from the effects of economic cycles, foreign or domestic. The US is outperforming most G7 and G20 countries. The dollar is strong which keeps energy prices down but hurts exports. Many think of China as our enemy, but their also our economic partner. If their economy slows down, it hurts the US economy.
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I disagree with Thumper here.
We, the collective consumer, need a whooping big permanent tax cut … Whether in any national sales taxes (which hurt the poor most) or in business income taxes (which will create more jobs and thus more consumers.
I agree, but that doesn’t mean the end of recessions.
“Business cycles” are happening all and will continue to happen. Business cycles are “The Invisible Hand” at work.
Anytime a market is disrupted by some Gruberment Central Planning Scheme, the freer markets will bob and weave out of the way. (EX: BummerCare.)