Someone Is Lying: Job Optimism Plummets To Levels Unseen Since Financial Crisis

The percentage of respondents to University of Michigan's Consumer Sentiment Survey that "think they (or their spouse) will lose their job over the next 5 years" soared to its highest since March 2009.

Either the BLS' workers are lying, or the government's data on jobs is 'misleading'

 

According to UMich Curtin:

  • CURTIN: TRADE GAP'S INFLUENCE ON JOBS BIGGEST SENTIMENT RISK

And worse still:

  • CURTIN: MAJORITY OF DECLINES THIS SIZE OCCURED IN RECESSIONS

But do not worry:

  • CURTIN SAYS DOESN'T EXPECT CONSUMER SPENDING TO RETRENCH

Though he offered no actual reason for his expectation.

Finally, we note the last time this happened...

 

Personal Spending Collapsed!

Charts: Bloomberg