As if to slap the administration rhetoric of 'things are getting better' in the face, consumer confidence data is released showing a ridiculous drop in consumer confidence. My question is: how was this unexpected? Companies ARE NOT HIRING. Unemployment is close to 10% - and its not going to get better b/c of a "paradigm shift they believe it's permanent. This process of implementing new efficiency gains may have only begun and we may be in store for further efficiency improvements and high productivity growth for some time. If so, the rate of job creation will be frustratingly slow."
From the WSJ : "U.S. consumer confidence plunged more than 10 points in February, raising concerns about the outlook for consumer spending, according to a report released Tuesday.
Separately, U.S. home prices fell in December but were up when adjusted for seasonal factors, according to the S&P Case-Shiller home-price indexes, as yearly declines continued to ease.
The Conference Board, a private research group, said its index of consumer confidence declined to 46.0 this month, from a revised 56.5 in January, first reported as 55.9. The February reading was far below the 54.8 expected by economists surveyed by Dow Jones Newswires."
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