While Economic Data Never Lies, Consumer Comfort Reaches Second Weakest Ever And Buying Climate Collapses
As ES levitates 20-30pts off overnight lows on 'incredible' macro data and 'hope' in Europe, Bloomberg's Consumer Comfort Index just printed the second-lowest reading ever as 93% of those surveyed had a negative opinion of the economy. In almost every demographic, sentiment has fallen to near record lows (except we do note that in the last week those earnings 75k or more modestly improved their outlook though still drastically low). Perhaps the most critical sub-index, given the dependence on a consumer who is not paying his mortgage and living off food stamps, is the Buying Climate, which has only been lower during Q3 2008. We assume the congressional 'super-committee' is paying attention.
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