12/21/12, "Consumer Confidence Plunges To Lowest Since July, Biggest Miss Since 2007," Zero Hedge
"After theatrically soaring to a 5 year high in November, when the
UMich confidence final print rose above the 82 level, the final UMich
consumer confidence number just tumbled by a whopping 10 point down to
72.9, well below the expected 75.0 print, and below the preliminary read
of 74.5. This was the biggest percentage slide since February 2007. So
much for the great pick up in confidence, driven by the foreclosure
stuffed subsidized "recovering" housing market. Perhaps it's time to get
a seasonally adjusted confidence number?"
graph from Zero Hedge
12/21/12, "Consumer confidence plunges in December," University of Michigan
"Personal Finances Weaken
Personal financial expectations fell to their lowest level in a year.
Financial gains were expected by just one in four households in
December; the majority anticipated no income increase. Even though
consumers expected a low inflation rate, the majority nonetheless
expected a declining inflation-adjusted income in the year ahead."...