Friday, December 21, 2012

Dec. 2012 US consumer confidence plunges, biggest miss since 2007

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."...

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