"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." -- Theodore Roosevelt


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Wednesday, November 27, 2013

Consumer Confidence in U.S. "Unexpectedly" Falls to 7 Month Low


"With my magic halo, I command that you will still be surprised at my continuing economic failures!"

I'm not just tired of the press continuing to use the word "unexpected" when delving out their economic bad news every month, I'm getting pissed off about that word. After five plus years of Obama's amateur, ideological, and catastrophic handling of the economy, we're still supposed to be surprised by economic bad news. Really? I'm not surprised. And this isn't unexpected news.

From Bloomberg (via JWF):

Confidence among U.S. consumers unexpectedly declined in November to a seven-month low as Americans grew more pessimistic about the labor-market outlook.  
The Conference Board’s index fell to 70.4 from a revised 72.4 a month earlier that was stronger than initially estimated, the New York-based private research group said today. The median forecast in a Bloomberg survey of 78 economists called for a November reading of 72.6. 
The drop in sentiment helps explain why some retailers such as Best Buy Co. see a need to match competitors’ discounts this holiday-shopping season. More employment opportunities and wage gains would help lay the groundwork for a pickup in household purchases that make up about 70 percent of the U.S. economy.  
“The economy just has not performed very well this year and has been disappointing relative to what most people were hoping for and expecting through the course of the year,” said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. “It’s one thing when you have one or two years into the recovery and things aren’t progressing in the job market, but here we are four-plus years in.”

There has been no recovery! I'm sick of that b.s. too. Obama just pumped tons of money into the economy to keep things slightly buoyant in the very short-term. This is not a recovery.

The proportion of Americans who said jobs would become more plentiful in the next six months declined to 12.7 percent, the lowest since November 2011, from 16 percent.  
The share of respondents who said they expected a pickup in their incomes declined to an eight-month low of 14.9 percent in November from 15.7 percent a month earlier.

Hey, do you want to bet that these same people will be surprised when there's an "unexpectedly" weak holiday season for retailers this year?

Obamanomics... Retrying the failed economics of socialism with a willing media and the built-in shield of the race card. Yay!

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