Following the lowest UMich confidence print in 2013, Gallup's economic confidence collapse, and Bloomberg's index of consumer comfort signaling major concerns among rich and poor in this country (in spite of record highs in stocks), today's Conference Board Consumer Confidence data continues to confirm a problem for all those 'hoping' for moar multiple expansion. From 80.2 in September, confidence collapsed to 71.2 (the largest MoM drop in 2 years) to its lowest in six months, and notably below expectations. As we have noted in the past a 10 point drop in confidence has historically led to a 2x multiple compression in stocks (which suggests the Fed will need to un-Taper some more to keep the dream alive). Hope for the future dropped to 7-month lows but what is perhaps most intriguiging, just as with the Bloomberg surveys, we are seeing the wealthiest cohorts confidence plunging (even as stocks soar to new highs). It would appear the Fed has lost its wealth effect inpiration.
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3 comments:
With the idiots in Washington (Cruz and company) threatening to crash the whole economy, what do you expect?
9:51 Cruz???? he is one of the only ones trying to solve the problem. you just don't get it, the current administration (obama) is printing $85 billion dollars a month and giving to their friends in the banks that is artificially propping up the stock market. people like you are listening to the lies you are being told and you think it is Cruz. get an education and learn so maybe we can save this country
Get the hell out from under your rock 9:51 and educate yourself!
Consumer confidence is low solely and exclusively because of Obama and his admin-PERIOD-End of STory.
The Pea Brain in chief fails at everything and is only proficient at lying.
Ever heard of quantitive easing 9:51? Of course you haven't because you are a low information dope! It's the Pea Brain in Chief's brilliant idea to stimulate the economy which has failed miserably. It's all about propping up the stock market which the Pea Brain thought would make people spend more money. Of course it failed just like everything else he has ever done.
Time for you to face the facts. Obams is nothing more than putrid ghetto trash pulling a big hustle. Intelligent people realize this and always have.
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