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UMich Confidence Beats But Current Conditions Drop Most In 8 Months
The University of Michigan Consumer Confidence headline data beat expectations and rose to its highest level since February 2011. However, the somewhat surprising drop in 1-year inflation expectations (to four-month-lows) and drop in Current Economic Conditions index to four-month-lows that underlies less exuberance. Perhaps it is the fact that this current economic conditions index dropped by its largest amount in eight months that is fading equities.
Current Economic Conditions dropped by its largest amount ion 8 months...
Charts: Bloomberg
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According to marketwatch (yeah, I know), that's the reason the DJIA is green. Of course, that the DJIA was green before these numbers were released either means "someone" had these before they were made public and traded on them, or Marketwatch is full of shit.
Got to have at least one "good" number come out a day so that the market does not have its While E. Coyote moment.
future conditions influenced by MSM? Current conditions not so much?
I don't know about everybody else but I'm extremely confident......confident that we are screwed.
but...but...but...on Faux Business News they had received a press release from obummer and he said that 2.2 % is "encouraging".
When I explain GDP to normal people, I use the following:
I take $10 out of my wallet and hand it to them. Then I ask for it back, and then hand it to them again. I then tell them as far as GDP is concerned $30 worth of economic activity took place, even though actually there is still only $10.
They look at me funny and then I explain that GDP doesn't really measure the total value of goods sold, but really the movement of money. The total value of consumer goods sold in the USA is roughly $7 trillion, and that is even massaged greatly. At least $2-$3 trillion of that is inventory stuffing and goods to nowhere made to pump equity values. If the true value of goods produced is really around $5 trillion, how can the USA have a $15 trillion economy?
The truth is the USA doesn't have a $15 trillion economy. We just fudge the rest using velocity of money. Everything is bullshit.
adr 2380106
I take $10 out of my wallet and hand it to them. Then I ask for it back, and then hand it to them again. I then tell them as far as GDP is concerned $30 worth of economic activity took place, even though actually there is still only $10. They look at me funny....
Comment:
They look at you funny because they are thinking. "Are you kidding? Do you know how much coke I snorted through that $10 bill?"
As long as they don't run out of iGadgets, the consumers will be confident.
Or space on their credit cards, or continuing transfer payments, or at least one working person in a home with 3 generations of family members, qualification for SNAP, or a school loan to buy groceries with, or a van down by the river, or the confidence that QEIII is coming any day now (which helps throughhhh...... nevermind that one).
If you watch a train wreck filmed at 3600 frames per second frame by frame it indeed does look slow.
Yeah but can your patience hold up watching the whole wreck? Or do you accelerate the film? Prepare for Red Dawn
Russian troops on U.S Soil:
http://www.infowars.com/russian-troops-to-target-terrorists-in-america-as-part-of-drill/
Thats right it is a trainwreck in progress, just doesnt seem so as its stop animation, 1 new frame every day it doesnt seem so bad....some even analyze the frames and conclude its better than expected. Still 100% guaranteed total disaster.
Not much good has come out of Michigan for years. I lived there many years - Troy, Rochester, and a little town called Howell. Anyway, one headline does not make a market. It barely makes an hour in many cases. The GDP miss and collapse in the EU is much more substantial. People who haven't, are positioning themselves for the weeks, months and years ahead.
http://www.reuters.com/article/2012/04/26/us-usa-housing-negative-idUSBR...
Yea 1 out of 3 new mortgages in the last 3 years are now upside down, lol.
I think that the conflicting fed statements and economic numbers are just meant to generate trading volume on the stock market in no particular direction.
Whip it, whip it good...
http://www.youtube.com/watch?v=IIEVqFB4WUo&ob=av3e
Robots only read the headlines
'Less exuberance' among the unemployed and bankrupt general public? Oh NO!
Now the supposed answers given on the telephone over ride all economic disaster numbers, just because of some annonymous 1,000 people gave their opinion about the condition of 'things'. I wonder how many of those polled live off an EBT card? Just sayin'.
BTW, how can a poll result even have an 'analyst expectation'...and why would a persons expectation about a phone poll result mean anything at all? 'Beat expectations' of a phone poll....sheesh whatever.