Confirming the Bloomberg Comfort indications, University of Michigan Consumer Sentiment data shows Americans' view of "current conditions" have crashed to 2016 lows as stocks soar to record highs. Worse still, year-ahead financial prospects for the consumer are at their lowest since 2014. Perhaps the retail sales and productivity reality is a better reflection of reality than seasonally-adjusted jobs or manipulated stocks... but saying that would be cynical...
*MICHIGAN CURRENT CONDITIONS INDEX AT 106.1 IN AUGUST VS 109
UMich headline data missed expectations but there are worse signals:
- *CONSUMER 1-YR FINANCIAL PROSPECTS AT LOWEST SINCE LATE 2014
And inflation expectations are back at record lows..
- *MICHIGAN 1-YEAR INFLATION EXPECTATIONS AT 2.5% AFTER 2.7%
So to summarize - if "everything is awesome" as Hillbama proclaim (though there is more work to be done...) and stocks are backed by the "strength of the economy," then why are Americans' views of their financial prospects crashing to their lowest since 2014...?