Skip to comments.Grumpy Cat: Consumer Confidence Plunges Along With Retail Sales, Dodd-Frank Goes Nuclear
Posted on 04/12/2013 8:37:14 AM PDT by whitedog57
I hate days like this when all economic indicators are negative. Retail sales and consumer confidence plunged. Mama said thered be days like this.
Not only did the University of Michigan Consumer Confidence plunge from 78.6 to 72.3, it plunged compared to an expectation of a 78.6 print. This was not only a 9 month low in the index, but more importantly the biggest miss to expectations since the index was created.
Retail sales were down across the board, the biggest decline since June. Note that big swing and a miss versus the expectations of retail sales.
Of course, energy prices have been declining. And gold is getting clobbered!
While consumer confidence and retail sales plunged, the budgets (and hiring) of financial regulatory bodies are soaring. Dodd-Frank was a stimulus bill for regulators.
That was unexpected. Who would have guessed that expanding socialism and continued "progress" toward ObamaCare would damage confidence?
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