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UMich Consumer Sentiment Tumbles, Misses By Most Since 2006; Weather & Poor People Blamed
Despite record high net worth and record high stock markets, the US Consumer is not amused. UMich survey of Consumer Sentiment for March tumbled from 95.4 to 91.2 (against expectations of a rise to 95.5) for the biggest miss since Feb 2006. This was the biggest one-month drop since Oct 2013. Quite unbelievably, the survey director says the drop was driven by a slide in lower-income group sentiment caused by weather!
Biggest miss since 2006... biggest drop since Oct 2013
So why did it fall - given how great stocks are:
- *UNIV. OF MICHIGAN'S CURTIN SAYS DROP CAUSED BY LOW-INCOME GROUP
- *MICHIGAN'S CURTIN SAYS DROP IN INCOME CAUSED BY BAD WEATHER
- *MICHIGAN'S CURTIN SAYS UPPER INCOME FEELING MORE UPBEAT
The market's reaction.. not good
Currently seen on every computer in the NY Fed's trading floor pic.twitter.com/pDrNVTiEqW
— zerohedge (@zerohedge) March 13, 2015
And finally, it appears the data was 'leaked' 3-4 minutes early as Nanex noted, liquidity disappeared from e-minis at 0956ET.
eMini depth of book - note the early fall off just after 9:56 $ES_F pic.twitter.com/4gVIsB1fqK
— Eric Scott Hunsader (@nanexllc) March 13, 2015
Charts: Bloomberg
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Maybe the one "consumer" left was having a bad day?
pods
those damn poor people
Plus, they dont smell of rose water and lavendar like the people the FED serve.
They just found out that Apple Watch will not sell well in the ghetto, cuz' homies don' need no TIME an' shiit.
Wait a minute. "The poor" received massive raises this past year with EBT, SSDI, housing, and walking around money increases. It's not "the poor" who are worse off. It's the hard working middle class who are constantly having more and more taken away from them by the government to give to the people who don't feel like working to feed themselves and their families.
...always blamed for not having disposable income
When there's no more wealth extraction possible, squeeze the poor into Soylent Green
positive production
Stop interviewing poor people for the survey. Problem solved. Not like anybody ever cared what they thought anyway.
Quite unbelievably, the survey director says the drop was driven by a slide in lower-income group sentiment caused by weather!
Yes. That is understandable. Rich people's sentiments are unaffected by the weather and so they spent...They are the good people after all. But weather has a much greater impact upon the poor as they wear rags and cannot afford to keep warm.
It has nothing to do with the fact that POOR PEOPLE HAVE NO MONEY TO SPEND. If they had money then they would not be poor.
So move along. Things will get better as the weather improves...we hope.
Or for a trip to FL or the Caribbean.
Hotels, Condos, Restaurants are packed there.
After being fired from my old job 8 months ago, i've had luck to learn about this great company online that was a lifesaver for me... They offer online home-based work. My last month payment after working with them for 4 months was 16ooo bucks... Great thing about it was that only requirement for the job is basic typing and reliable internet...If you think this could be for you then find out more here...
www.globe-report.com
wait and see how confident the 2% is when the Markets drop . assuming they do drop sometime in this generation.
Heating oil is expensive in Detroit.
so is land...they burned all the houses
That qualifies as worse since Lehman...bottoms up
Poor people=peasants or serfs.
Enough of this PC crap Tyler.
"Poor" people have between $40K and $65K (sometimes more) equivalent wealth transferred to them every year (food, housing, phone/internet access, not having to pay a baby sitter, not having to pay for transportation to/from work, etc). They are NOT poor. There is no reason to get a job when one can have the government force others to pay for you.
Damn, ( Poor People ) what do they have to do with anything ? sarcastic
They exist to inhabit the ranks of the Free Shit Army. They are the excuse used by Government to garner taxes from your income.
I know the solution...Obama needs to give the poor more free money. That will make them spend more.
Then everybody's happy...except you idiots who pay for it.
Just out of curiousity..WHY ARE YOU PAYING FOR IT when you guys claim that you do not support it?
Financial support is support after all.
STOP PAYING FOR IT. CLOSE YOUR BUSINESSES. FIRE ALL OF YOUR EMPLOYEES. STOP GARNERING ANY INCOME. If you are not making anything then you owe NO TAXES. STOP PAYING FOR IT.
SHUT THE ENTIRE US ECONOMY DOWN. STARVE THE BEAST.
You can always reopen afterwards, after the beast has died.
But no. YOU ARE TOO FUCKING GREEDY and just like to bitch about the FSA.
Mission accomplished.
The weather can readily change, poor people on the other hand...
Well, hey just as long as the richest are feeling more upbeat, thats what really matters.....who needs a bunch of peasants stinking up the joint and breathing up all the rich folks air anyway?
Come on guys, we all know how this works bad=good! BTFD, no rate hikes any time soon.
party like its 1928
I am doing the Charleston as I type.
Time for them to survey only the 1%.... Peasants can fuckoff with their shitty suffering. Let them eat cake!!!!
https://www.youtube.com/watch?v=GW72Gmqjse4
La guillotine will claim her bloody prize
Fuck you poor people. Obama gave you a free phone. What more do you need?
*TSAR POINTLESS SAYS WOULD LIKE TO MAKE UPPER INCOME FEEL MORE BEAT UP
I am not prone to violence. I'm against it, actually. However, I'd make an exception if we suddenly had a "Purge"-style event targeting only those in the upper crust of society.
Let them feel a certain red bodily fluid "trickle down" their faces.
I'm not looking for a revolution. Just retribution.
Given that the "upper crust" buy control of government, how can you distinguish between retribution and revolution?
Given how absurdly ignorant and "dumbed-down" the lower classes have become, I don't think it would be a great idea to throw the baby out with the bathwater and go full-fascist, to which revolution in this country surely would lead.
Threre are only a few things that really need to be changed to make America the "great" place I'm told it's always been, yet hasn't really been. Sure, they're major things, but we wouldn't need a dictator to institute the changes.
Can't do much about the weather but the poor people the NWO preparing to take care of those suckers.
curtin - drop, that about sums it up
Those God Damned Poor People again!!!!!
"appears the data was 'leaked' 3-4 minutes early as Nanex noted, liquidity disappeared from e-minis at 0956ET"
It's OK. We're used to it by now.
even 3-4 micro seconds early would be enough
The Fed has distorted things so much, that things that used to actually matter like income and purchasing power and such, that it doesn't even fucking matter anymore that the "Data" is.
THis hsould be good for +200 on the DOW today. It is Friday after all.
Do Poor People get a say? I thought the economy was run for those that paid the polticans the most?
No, they don't get a "say" in things. They just get surveyed. And even that will stop soon if it makes the numbers look bad.
When in doubt, crack a beer and listen to Gator Country.
https://www.youtube.com/watch?v=PTR13MV4fqc
All better, see?
Poor people.
With this great economy...why do I keep seeing more empty stores?
Just wait until you feel it in your property taxes.
Those empty store were bigg earners for your locall council.
and we can't let public school education suffer!
always vote yes to fund the endless boondoggle to support your property values!/sarc
ssdd
yes your taxes will continue to rise whether you like it or not
You live in the hood?
Gold $1154
They must have found a huge deposit near one of the ocean's surfaces or have a way to make it.
LOL - that is funny.
I'm hearing of more people quitting jobs to find better jobs, then I'm hearing of them figuring out you can make more free pills and food stamps by finding worse jobs.
This has been a winning strategy for the banksters whom skim off the poor, but the reality of offshoring the true consumers' family supporting jobs to China/Asia /3rdWorld is not to be covered up much longer, now that housing is over, free cash for serfs is nearing the end and the bump in the previous few years GDP from government health care ramping/spending is partially fading and now totally worthless in Year over Year bogus reporting.
Just like the bump in GDP from adding Goodwill and R&D to GDP.
Our real, on the ground for you and me, GDP, was offshored long ago. Housing and the Homeland/Death ramp up covered it up, flashy screens distracted us.
None of these things changes the truth, the non-poor respondents are going to be crapping in their imported chinos soon. U Mich will still blame the "poor."
this is a notoriously bad economic indicator.
Feb is a short month to so those gubment checks come even sooner than normal. Think that would have helped people get out and consume.
LMFAO!!!!
Lying gubbamint fucks!!!!
Please stop putting the Umich crap of ZH unless of course Mr. Banazi makes fun of it.
Thank you
I knew it was the poor people. Even when it was the underlying broad-based economic weakness, I knew it was the poor people.
Stupd poor people!
They screw everything up.
Them and sick people too.
Why don't they just stop being like that?
Fuck poor people.
Why wouldn't liquidity drop and spreads widening occur in the minutes before an economic data release?
EBT no limit will get the poor bastard's sentiment up
I know one thing for sure...that 'Beginning physical memory dump' message fuckin sucks.
My computer was f'd last time i got that.
is this the biggest drop since lehman?
why am i not surprised, the dats keeps getting shittier and shittier, yet stawks keep going up and up.
( and no, the ''market'' is not down today bc of a missed consumer confidence number, contrary to what the msm may try to use as an excuse)
hell ... i thought these guys only surveyed rich people ... i guess the gap between the top 1% and the top 0.01% must be widening faster than i thought ...
FORCE MAJANGE HAS BEEN DECLARED!
Cut out these poor people surveys. Send the team in a shiney new Land Rover up to Shaker Heights nd drive through. If you see new Ferraris and Bentleys then everythign is fine. If you want to be scientific award points for Maseratis, Rolls Royce's and such. Add up the score each month and release it like BLS does.
Yeah, da poor got Obamaphones but they weren't Apples. Tough luck. Life is rough. Suck up poor.
Shadowstats: March 12th, 2015
• Retail Sales Collapse Continued, Both Monthly and Quarterly, Before and After Inflation
• Unusual Monthly Shifts in Seasonal Adjustments Have Masked Headline Monthly Sales Contractions Exceeding 1% (-1%)
• Underlying Economic Data Closing in on Setting a First-Quarter 2015 GDP Contraction
• U.S. Economy Cannot Support Current Dollar and Stock-Market Strength; Political and Market Positioning of Fed Policy Increasingly Is Untenable
going long into this weekend is putting your dick in a door and see who slaps the door shut.
USDJPY is being a punk bitch and will not break ---> limited downside in US stocks ---> BTFD?
Looks like pounding the pound has rolled into the euro and that is keeping USDJPY afloat.
UMich Consumer Sentiment (accuracy not guaranteed)
Upper income feeling more upbeat, boy one less thing for me to be concerned with.
I agree, the numbers are likely worse than reported.
Don't worry the sentiment of the rich people will "catch down" soon enough. It will be official when their portfilios are worth 25% of what they are today.
That damm Bush!!!