Consumer Confidence Jumps To 53.5 In August From 51.0; Stocks Explode As Confidence Is 23 Points Below 5 Year Average
Consumer confidence comes in at 53.5 in August versus 51.0 in July: somehow the fact that the economy officially double dipped in the month was lost on the 6 or 7 top CEO respondents in the Conference Board rolodex. Just one word can explain this one: Lol. At least the idiots at the CoCo retardo institute made their tail wags dog shell game seem just a little credible by declining the read on the job plentiful from 4.3 to 3.8, and there was even a decline in the jobs hard to get category from 45.8 to 45.7... but somehow confidence was higher. Enjoy your bizarro day trading.
Below is the chart of consumer confidence coming in 23 points below the 5 year average. Green shoots indeed... if by confidence one measures just how sure consumers are they are about to get royally raped.