Consumer Confidence Misses For First Time In 2013
In an odd reversal of recent trends, the future expectations sub-index of the UMich consumer confidence survey fell (lowest in 3 months) as the current rose notably (to its highest in 6 years). Is hope fading? Perhaps it is the spike in gas prices? Or the spike in mortgage rates? Critically though, this is the first miss of expectations since December 2012 as inflation expectations also surged to the highs of the year.
as a reminder, we have seen this pattern before...
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