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.