Posted on 05/29/2012 8:17:12 AM PDT by tobyhill
Americans' confidence in the economy in May had its biggest drop in eight months as consumers fretted about slow hiring, a big stock market drop and the global economy, says a private research group.
The Conference Board says its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April. It was the biggest drop since October 2011.
Economists were expecting a reading of 70, according to a FactSet poll of analysts. The current level is below February's 71.6, which is the highest level it's been in a year.
(Excerpt) Read more at money.msn.com ...
During our beginning phases into World depression II (WDII), whenever I see “consumer confidence” polls I always smile. It is like polling a man as he loses his limbs, one by one.
When he first loses his arm, he is devastated. His confidence level is “very low”. But he goes to physical therapy and learns to live without one arm. His confidence level is now pretty high. In fact, maybe even higher than before, for a time at least. Then he loses a leg, and the same cycle continues. Then the other arm. Then the other leg, then an eye.
So here he is, a limbless, legless guy with one eye, getting around on an electric scooter controlled by a wand to his mouth and “feeling pretty good” that he can still offer some value to society when he get’s his sociology degree.
Meanwhile, things are a bit worse than they were when he was physically whole, regardless of where his polled “confidence” is.
And our culture has just figured out that it is minus three limbs, the fourth is hurting, and there is a funny twitch in one eye...
What F-ing recovery?
The fact that “... economists were expecting a reading of 70 percent,” indicates to me just how far out of touch the business elites are with the masses. And it will only worsen as the economy worsens, and it will.
I agree. Gasoline and grocery prices are killing our budget leaving nothing for savings.
Never mind, now just go down to your broker and buy stocks, any stocks I tell ya. Then go buy a new house, preferably a small mansion and charge up the new furniture. A new Porch is required with the new house, convertible and red to match your checking account balance.
Just go buyanything I tell ya.
/SSSSS
Oh, but it’s all better today, the geeks have tweaked the data that tweaks Wall Street, and stocks are up. Reality won’t overcome the tweaking until Thursday. Crude is up a buck, joy, joy. There goes the trip to Florida to visit the kids and grandkids, not to mention getting out on the gulf for some serious fishing, and the boat is so nice it hurts to see it languishing on its trailer. But that’s pure selfishness on my part. I should celebrate the marvel of our imaginary economy, and how it gets better every few weeks.
Na na na na....
Na na na na....
Hey Ba-rry.....
Goodbye!
Unexpected
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