Consumer Confidence Slips Again -- Unexpectedly!?!?!
It's hard to even joke about this anymore.
Gallup's Economic Confidence Index was -26 for the week ending June 24, down slightly from -24 the week before. Americans' confidence has now receded for four straight weeks, and is at the lowest point since late January.
U.S. economic confidence last week was hardest hit June 19-21, when it fell to -28, but it bounced back to -25 over the weekend. The midweek slide may have resulted from the anticipated Moody's downgrade of several major banks and one of the worst trading days of the year on Thursday. However, the market rallied back on Friday, which may have led to the weekend improvement in confidence.
And so forth, says Gallup. Reuters joins in:
Consumer confidence fell for the fourth straight month to its lowest level since January, and the consumer expectations index was at its lowest level since November, according to a private sector report released on Tuesday.
The Conference Board, an industry group, said its index of consumer attitudes fell to 62.0 from a downwardly revised 64.4 the month before. Economists had expected a reading of 63.5, according to a Reuters poll. May was originally reported as 64.9.
Captain Obvious time -- the economy remains in the dumps and this is why the Obama campaign/administration keeps throwing out shiny things and outrages. He cannot win by earning the people's respect, so he is relying on a fortress built through irritating and dividing, dispiriting and depressing. Anything to keep from having to talk about the economy or justify another four years of Obama's special combination of malignancy and incompetence. Anything to keep from having to explain his "one term proposition" quote from 2009. Anything to keep from having to admit that Barack Obama isn't and never was up to the responsibilities of the presidency. He is living proof that a great campaigner does not a great leader make.