Despite stocks soaring to record highs, The Bloomberg Consumer Comfort index fell last week to 58.0 from 59.1 a week earlier, and has now plunged 5.4 points in three weeks, the biggest such drop since 2008...
All three sub-indices - state of the economy, personal financial outlook, and buying climate - dropped in the last week:
State of the Economy index worsens to 58.6 from 60.3
Personal Finance index fell to 61.9 from 63.3
Buying Climate index fell to 53.6 from 53.9
...as the headline completely decoupled from stocks...
That is the lowest level of consumer confidence since January, despite an incessant surge in stocks this year. Still, we doubt that will stop the president celebrating...
Hit New Stock Market record again yesterday, the 20th time this year, with GREAT potential for the future. USA is where the action is. Companies and jobs are coming back like never before!— Donald J. Trump (@realDonaldTrump) November 14, 2019
Notably, both Democrats and Republicans have been losing faith recently...