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Tuesday, December 11, 2012

Consumer Confidence Drops Dramatically in December


Will we hear about this on the evening news? Unlikely.

From Market Watch (h/t Tom Blumer at BizzyBlog):

Consumer sentiment took a giant step back in December, as the looming fiscal cliff made its first measurable dent on the public’s psyche.

The preliminary University of Michigan-Thomson Reuters consumer sentiment index fell to 74.5 from 82.7 in November.

That’s far below the 82.0 expected in a MarketWatch-compiled economist poll, eliminating four months of gains and also representing the biggest one-month drop since March 2011.

The report took some of the shine off a better-than-expected jobs report in November, as U.S. stocks pared their gains.

Sentiment is still stronger by around 6.5% from the levels of December 2011, but that gain is down significantly from the nearly 30% year-on-year improvement seen in November.

The movement in the report came overwhelmingly on the expectations side, where the subindex tumbled to 64.6 from 77.6 in November.
 
It's Bush's fault... or something. How about greed? Racism?

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