Consumer Confidence Plunges To Lowest Since July, Biggest Miss Since 2007

Tyler Durden's picture

After theatrically soaring to a 5 year high in November, when the UMich confidence final print rose above the 82 level, the final UMich consumer confidence number just tumbled by a whopping 10 point down to 72.9, well below the expected 75.0 print, and below the preliminary read of 74.5. This was the biggest percentage slide since February 2007. So much for the great pick up in confidence, driven by the foreclosure stuffed subsidized "recovering" housing market. Perhaps it's time to get a seasonally adjusted confidence number?

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HelluvaEngineer's picture

People obviously not watching enough TeeVee

vast-dom's picture

please don't tell Kyle Bass about, " driven by the foreclosure stuffed subsidized "recovering" housing market. " and don't believe the charts: shit goes up and down and we try and justify the mechanics of ponzi systems like we're discovering something new in pure bs.

Tom_333's picture

Nothing has changed. The ponzi game will just keep on.

adr's picture

Go for the seasonal adjustments. Heading into winter usually depresses a lot of people, so the winter months get a +20. But summer means vacations -10, also kids off school +30. Spring means taxes, April gets a +100.

See everyone can do government statistics.

azzhatter's picture

 

Is that you Timmay?

midtowng's picture

Obviously the public is wrong and the government numbers are right.

Spastica Rex's picture

The con isn't working?!

azzhatter's picture

I'm very confident that I have no confidence in Obama, congress, Berspankme, or GoldenSac. Anything else?

Zap Powerz's picture

Consumers are confident the US Govt is going to confiscate their guns.  Gun suppliers are completely OUT of magazines for ARs.

http://cnsnews.com/blog/gregory-gwyn-williams-jr/firearms-supplier-sells-more-three-years-worth-magazines-just-three

3 1/2 years of mags sold in 3 days!  Thats some consumer confidence right there!

mckee's picture

And the market reacts by coming off the lows.... I'm so confused!

khotel's picture

Just what sort of significance should be placed on the "confidence" of these "consumers"?  Are these "consumers" the masterminds that bought 400k houses on 40k salaries, "confident" that they could somehow make the payments or flip the house to a more savvy "consumer" ?  Is confidence defined as "I can pay the first monthly payment on this <insert expensive item here> and then miss the next X months of payments knowing that the repo guy won't come to take it?  Taking a temperature reading to see if your average "consumer" is planning/hoping to incur more debt that they can't afford should perhaps be reconsidered.

mckee's picture

What is there to be fearful of? Worst case the consumer can expect to have the mortgage paid, be given food, and can upgrade their current flip phone to a brand new iPhone. What can possibly go wrong?

Chief_Illiniwek's picture

If people do not have confidence in a future crafted of Hope and Change then what, pray tell?

YesWeKahn's picture

Bernanke failed?

 how come?

SheepDog-One's picture

The free range Neandersheep credit consumers aren't 'confident'? Uh oh, looks like time for another major false flag attack.

RunningMan's picture

Interesting. Last time we declined into the holidays at the end of the year was in 2007 and 2008. All other years incl. 2001 were increases. That is an extremely bad sign since there is no holiday joy.

Smegley Wanxalot's picture

I dont get it.  My confidence is at an all time high that our leaders are f*cked in the head and that the markets are completely rigged.

q99x2's picture

The only people that I know that still watch TV are on my cousin's side of the family (all neurotic women bless their souls) and my parents, who have no choice because they watched it for so many years they literally cannot move now, and one English Bulldog that is not a person but an English Bulldog. They are all very confident about how miserable they are. Even the Bulldog seems sincere. And the fuckers lie. If you ask them about how they feel the economy is doing, "Doesn't concern me." they say. Or worse, "It's getting better since Obama has been in office." The one that knows how to piss me off says that. The whole thing is a confidence man's game to me and I see it as a way to convince everybody that the Rothschild's and Rockefeller's behind the scenes years old decision concerning the fiscal cliff "play" was the only decision. 

Notarocketscientist's picture

Kyle Bass is going to get creamed betting on a housing recovery - unless he is planning to unload once he sees the Feds game start to lose traction.

There is NO recovery.  There is only Bernanke pumping out 40 billion a month and handing it to anyone at zirp who agrees to buy foreclosed properties.  Think the chinese under mao melting down pots and pans in an insane attempt to claim higher iron production numbers - that is how INSANE this is!!!!

There is not real demand for property - its anemic at best - this is simply another smoke and mirrors game played by the desperate fools who are meant to be in charge of the centrally planned economy.

 

AmeliaV's picture

Well, I am not surprised with that information. Financial situation is quite difficult across the world, so it’s hard to be confident about something. But on the other hand, financial experts say that borrowing money is a sign of healthy economy and means that people feel confident that they can pay off the debt. And here in the US lots of people live through borrowing cash and using pay day loans because quite often people get no so good wages as it would be enough to provide all the necessary things. That's why consumers confidence is quite doubtful thing and there's not the only one factor which helps to define it.