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Consumers Most Confident Since 2007, Celebrate By Biggest Spending Drop In One Year
It doesn't get any better than this. For the fifth month in a row, UMich consumer confidence has beaten expectations and its final print at 84.5 for May is the highest in six years. This 'confidence' survey fits with the conference board's exuberance also. We can only assume that it is the one-year high mortgage rates and considerably lower-than-expected income and spending that is driving it? As a gentle reminder, the US consumer was this cock-a-hoop just before the market last topped in Q3 2007 - so we are not sure if it is 'useful' for anyone but a self-aggrandizing anchoring-biased asset-gatherer. Current economic conditions (at Oct 2007 highs) are surging (as are expectations) by their most since Sep 2009. Of course, in perfect 'correlation' with this 'confidence', these consumers decided that May was the first time in a year to cut spending...
Which makes perfect sense, given that in the last month consumers experienced the largest spending contraction since May 2012.
Charts: Bloomberg, ZH
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LOL!!
The only spending im doing is on PMs, Guns, and Ammo.
yeah.....they're fochin' with nature and she's gonna foch back.....not an if but WHEN.....i just like seeing how many bunnies Benny can pull out of his hat.....one day he's gonna be standing smiling with his hat and reach in and pull out the biggest Texas rattler you've ever seen
Benny is standing there with his hat in his hand and he is the only one that can see the steaming pile of shit in it, and he knows he has to put it on his head soon.
2 back to back headlines on Yahoo Finance page
Consumer Sentiment Strongest in Nearly Six Years in May
ReutersGreater optimism over the economic outlook and personal finances in the midst of record stock market prices pushed U.S. consumer sentiment to its highest level in nearly six years in May, a survey released on Friday showed.
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You simply can not come up with such a BS
That steamer he's been putting on the heads of savers for over four years now.
Bernanke better have an exit plan. No, not that one. The one where he has a disguise and an overseas account
Hookers and blow for me.
Not sure if those expenditures make it into the report though.
No doubt!! And I know you know not to exclude alternative food/water sources from this 'portfolio'...
Cutting back on spending money they don't have.
http://www.youtube.com/watch?v=deuC8GPr31A
They might drone this article
this just tells me that the american people have cut back on spending and are feeling very comfortable with their choice.
Confidence going up while spending and saving are going down??!!!! WTF?? Are alcohol and drug abuse skyrocketing or something?
Lotto jackpots are higher these days so lots to be confident about....
They clearly spent it all on the black market - coke and hookers sort of does make you quite the optimist.
Get this report to Kevin Henry Stat! Its almost 10:30
bitchez
In May people are waiting for school to get out and saving for summer vacation.
In MDB's words: "Thanks you Mr. Presdinet"
http://www.zerohedge.com/news/2013-05-31/and-away-least-something-going-...
The survey only had one question:
How confident are you, that you are truly screwed?
So we have people in Michigan who are happy as a lark that that the motor city continues it's slide into hell, and we have purchasing orders up in Chicago while the managers are stating that life is shit.....yeah I believe this BS.
Pravda, American Style!
(that's me and you)
Mkt smells bullsh-t on Chicago PMI. Good is bad now?
I think the rules changed when Bernanke mentioned tapering in his testimony. Good news like this will now be perceived as bringing us closer to the eventual taper. That, or all the hedgies left early for the Hamptons today. Fuck if I know!
Must be all those 20 year, low interst rate car loans doing the trick!
And none of this CONfidence crap matters much at all now anyway when all it takes
is a little margin titghtening and the whole obscenely over levereged scam of a "market"
implodes
This is why my Iphone parts and repair business is sucking wind right now.
April was fantastic. May= a nightmare.
So, besides Bloomfield, were any folks surveyed in Detroit?
http://en.wikipedia.org/wiki/List_of_highest-income_places_in_the_United_States
+104,920
WOW! Good catch!
The following people certainly have a lot of wealth to make them feel confident:
Problem is they are only surveying "consumers". They are not surveying the millions of Americans who statistically no longer exist and can only afford to consume what they can beg, borrow or steal.
Survey Darwinism; the majority that have had their utilities disconnected or have been kicked out of their homes are unable to respond. The remaining survey takers are just happy to still be around in the midst of a withering shitstorm. It probably skews the figures somewhat.
Government giveaways are at historic highs, it's nothing short of the thief having a successful day burgularizing the US gvt. What's not to be confident about? Winning.
Does anyone here really believe UMich is surveying anyone? They are making the whole thing up. UMich is in the tank with O and the den of thieves and are simply now cheerleaders, trying to make us feel happier and convince us that everything is ok. What a crock. We really cannot trust any data coming out of Government and Government Agencies anymore. It's all been cooked to feed the happy machine
No more than I trust the IRS, BLS, or any of other thieves in DC. This is all about saving the Obama presidency.
Hey, NSA and DHS we know you monitor these pages, stick it up yours!
We know the government is spewing loads of propaganda.
just wondering .. what role does Artificial Intelligence have with the mainstream media...
Woooh Jah.. more chart porn please....
Looks pretty seasonal to me.
Because it probably is - still in withdrawal from Xmas & Q1 spending spree. Should pickup in late June. You better hope it does.
Because it is a Consumer Confidence chart...but it doesn't say what the consumers are confident about....a collapse, confiscation of deposits, war, etc?
consumers are confident...
confident they won't be buying much with money they don't have and credit they've already burned.
but they are still confident, so it still counts.
see how that works?
all that matters is that they are indeed confident, not what they are confident about.
Just spent $16 on chicken feed for my 6 egg layers
Makes Sense! Consumer saves money in tumultous times and increases their Confidence.
They're confident about their 401ks, courtesy of Ben.
Wealth effecto, bingo presto!
It is psychologically insane to be confident without lying. But a little FRAUD goes a long way.
Put all the blood money in a nice big pile and burn it :).
If it's a telephone survey, maybe they could report it as: Consumers that can afford a telephone...bla bla.
From birth we are told to be an optimist, the glass is half full, not half-empty, la de da. When my wallet gets thicker from wearing a happy face, I will also be a kool-aide drinker
When I've already bought all the useless crap that I "need", and that I no longer feel the need to buy antyhing else, then I feel confident about my finances and reduce spending. Seems logical.
"Consumers" need to save moar for health insurance, house insuance, house maintenance, property tax increases, and so on...
Rate Shock: In California, Obamacare To Increase Individual Health Insurance Premiums By 64-146%http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-calif...
Gonna get Ugly.