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UMich Consumer Sentiment Slumps To 6-Month Lows, Current Conditions Tumble
Following the collapse in Gallup's consumer confidence and Bloomberg's Consumer Comfort, UMich Consumer Senitment printed 90.7 (against expectations of a rise to 89.5 from 95.9). With May's preliminary print the biggest miss in 17 months, this final drop leaves Consumer Sentiment at its lowest since November 2014. Hope dropped from 88.8 to 84.2 but it was the collapse in Current conditions - which fell from 107 to 100.8 - that crushed the headline. This is the biggest plunge in current conditions since Summer 2011 (the US debt downgrade). Business expectations plunged to 8-month lows, employment expectations tumbled... but the number who think it's a good time to buy a house rose.
Charts: Bloomberg
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Thanks to our "glorious socialist leader", our society will never be plagued by evil profits again.
Time to doubly seasonal adjust those non confident consumers
A few weeks in a FEMA Fun Camp should do it..
Send them there for "economic re-education"?
"UMich Consumer Senitment printed 90.7 (against expectations of a rise to 89.5 from 95.9)."
Wait! What???
They are called 'fun' camps, so reserve your bunk now, before the rush.....
what the fuck are you talking about? have you seen earnings reports from health insurance and drug companies?
Seems the rumors of rate hikes may have been greatly exaggerated.
Read an interesting article recently, sorry no remember the linky, about the last 160 or so rate hikes the FED did. Not a single one was executed below 3% inflation, if I remember correctly. Only a handful executed below 5%.
Not accurate numbers from my recollection, but the point of the article was: Aint Gonna Happen, Has Never Happened, Wont Happen Now.
Regardless of the rhetoric, it would be historically unknown, as well as imprudent to raise rates under these conditions.
You raise rates to slow down an overheating economy, not to stimulate it.
At least that's the theory.
At any rate, they need to quit jerking people off on a rate hike and start doing something constructive with their time.
But, but .... Brian Williams said on TEEVEE that he and Obama saved the economy from Isis and the Republicans in a firefight down in Baltimore a month ago ...
/s
Well at least Michigan still has Detroit...
Well at least Michigan still has Detroit...
and the USA still has Michigan...........and many others
Every country has a city that the people make fun of. Here in Greece, we make fun of Detroit.
Michigan's Economy is in the Shitter... i am Very CONFIDENT of THAT!
back in 65' (when i was born) you could be proud to say you were born in Detroit this is a sad time to be an American.
Its wild to see the swing that place went through. A beacon of capitalism on the world stage to a place less safe than Nigeria. My great-great moved the family there during the 20s boom and my pops got us the hell out in '83.
Since Camden is Oflubbers prime example of good ole 'Merica, Detroit has to be a close second.
It was Ok for the zoo keepers to discipline the inhabitants back then. And in fact, everyone - including the zoo inhabitants were happier for it. Everyone got along, behaved to an acceptable social norm, and kids respected adults, life & property. Then the late 60's happened and Political-Correctness gone-insane gave us what we have now.
But we have a Dem in the WH...so the news is always great, except for those nasty Rep...its their fault!
Well, maybe we can reverse this next go-round, then everything will be completely different.