Consumer Confidence Drops To Weakest Since Feb As 'Soft' Data Slump Continues

Tyler Durden's picture

Having reached 17 year highs in March following the Trump Bump, The Conference Board's consumer confidence has slipped to its weakest since Feb as 'hope' fades...

Plans to buy homes, cars, and major appliances all fell in May to the lowest levels of the year.

As The Conference Board details...

“Consumer confidence decreased slightly in May, following a moderate decline in April,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “However, consumers’ assessment of present-day conditions held steady, suggesting little change in overall economic conditions. Looking ahead, consumers were somewhat less upbeat than in April, but overall remain optimistic that the economy will continue expanding into the summer months.”

 

Consumers’ appraisal of current conditions held steady in May. Those saying business conditions are “good” edged down from 30.8 percent to 29.4 percent, but those saying business conditions are “bad” was unchanged at 13.7 percent. Consumers’ assessment of the labor market also remained positive. Those stating jobs are “plentiful” declined marginally from 30.3 percent to 29.9 percent, however, those claiming jobs are “hard to get” decreased from 19.4 percent to 18.2 percent.

 

Consumers were less optimistic about the short-term outlook in May. The percentage of consumers expecting business conditions to improve over the next six months decreased from 25.1 percent to 21.3 percent, however, those expecting business conditions to worsen declined marginally from 10.4 percent to 10.1 percent.

 

Consumers’ outlook for the labor market was mixed. The proportion expecting more jobs in the months ahead declined from 21.9 percent to 18.6 percent, but those anticipating fewer jobs decreased from 13.8 percent to 12.0 percent. The percentage of consumers expecting their incomes to increase edged up from 18.7 percent to 19.2 percent, but the proportion expecting a decrease also rose, from 7.6 percent to 8.7 percent.

And the collapse of hope continues...

Who could have seen that coming?

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
lester1's picture

Have the Federal Reserve ever raised interest rates even with economic weakness?

NoDebt's picture

Happens all the time, Lester.  They've been the can't shoot straight gang since I ever knew the Fed existed.

 

order66's picture

Guys, come on. It's 118. That's EXTREME confidence.

Snaffew's picture

hell yes they have...they will continue to raise in the face of economic weeakness because they need to build ammo for the next crisis which is coming soon enough.  They absolutlely know the shenanigans can't go on much longer and they need to be armed in order to soften the blow.

jamesmmu's picture

Irrational Exuberance During Trump Rally Exceeded All Records! We’re Sailing Into A Massive Stock Market Crash.

http://investmentwatchblog.com/irrational-exuberance-during-trump-rally-...

LawsofPhysics's picture

Bullshit.  In order for any "crash" to happen in this "market", true price discovery must return.  Sorry asshat, but The Fed will not allow that to happen, period.

Apparently humans really have stopped evolving.  Get long sharecropping and guillotines, beat the rush.

LawsofPhysics's picture

Consumers are BROKE!!!!

But then again, what do you expect with all the overcompensated useless fucking middlemen in banking, finance, and insurance!!!!!

Fuck 'em!!! 

 

"Full Faith and Credit"...

 

...economies evolve and will eventually execute the middlemen.

Silver Savior's picture

Consumers are broke but somehow are still spending. lol. I would love to find out that formula. 

Conax's picture

Sounds legit, I went to my bank the other day and only found 30 cents under the cushions this time. I can usually turn up a buck and a quarter.

Something's wrong.

Stormtrooper's picture

Didn't find any debit, credit or ebt cards under those cushions?

Conax's picture

No, but I did find a jelly bean (orange) and half a snickerdoodle.

So I have that going for me.

Silver Savior's picture

My bank is the leather chairs at the coffee shop. lol. They have not been doing too good lately on returns.

wholy1's picture

And the "Merkaan middle class" financial evisceration/debt-enslavement rolls on!

Yen Cross's picture

  That classic EOM dump and pump in eur/usd overnight, is pretty funny. The euro macro[news] was complete shit, and now Draghi has his cover to stay dovish.

LawsofPhysics's picture

Yen,

 

So how are you trading that?  buying euros into the close, selling them at the open?

assistedliving's picture

yeah but the WSJ says "credit picture brightens, paving way for growth"

Silver Savior's picture

Yeah probably true until it's not. Just like everything else. Spend now pay later (or not).

Silver Savior's picture

What I like is when they say consumer confidence is up no one ever asks me. I would tell them the economy sucks all to hell and I am not spending. Who are these rich jackasses they pick to tell them they have good consumer confidence?