Posted on 05/15/2015 8:49:21 AM PDT by BenLurkin
Consumer confidence plunged in May after consumers lost faith that the economy would rebound from a "dismal" first quarter.
The preliminary read on consumer confidence from the University of Michigan showed a decline to 88.6. Economists had expected it to stay put at April's 95.9 reading.
The disappointing report reflected an outlook that there would be no big economic rebound after an ugly first quarter.
And while a bounce back in the second quarter has been the consensus call from the economics community, there is increasing doubt that this is where we're headed.
In a statement, Richard Curtin, chief economist for the Michigan survey, said: "Confidence fell in early May as consumers became increasingly convinced that there would be no quick and robust rebound following the dismal first quarter (even if the underperformance was exaggerated by inadequate seasonal adjustments)."
In the first quarter, the economy grew just 0.2%, well below expectations
(Excerpt) Read more at businessinsider.com ...
brutal
There’s a Staples a mile from me closing its doors next week, and a carpet store across the street from it is doing the same. And the local Radio Shack just closed a few weeks ago. Things are booming!
People are growing skeptical that the economy will rebound from a lackluster first quarter... of 2009!
What’s happening here is that Americans simply don’t have the same disposable income they once had. That’s why retail sales figures are dismal even as we spend more money on other things.
If the reader is not offended by a "wall of numbers" here are several federal economic tables combined into one large table showing the last several decades of the 20th Century through 1st quarter 2015. All data are annualized.
Direct links to the source of the data are included.
You will have to scroll down to get the 1st quarter 2015 updates. Reply #17. I did not re-post the entire table.
I hope to keep the table updated through Election 2016 and add additional columns as necessary.
j/k.
Speech time!
Our local news, WHIO 7, has had a story at least 3 nights this week claiming the economy is at 15 yr high. I guess they need to work a little harder.
Consumers have run out of money.
I have a great deal of faith in the US economy, just not in Obama’s economy.
Once Barack the First is removed from our White House and Obamacare is repealed, if we don’t have Amnesty then we will have the biggest economic boom since Ronald Reagan. Capitalism is the answer to almost all questions.
Store are closing just because their RACIST.///s
We had negative growth in the first quarter. If the second quarter is negative also we are officially in a recession right now...
“Consumers are losing faith in the US economy”!
Crappola,
Folks are finally coming to grips with the fact that this marxist punk is and has been in way over his head.
NO clue, nada.One dumb mookabooking LOSER.
That B obammy.
Betch had Mitt been the boss things wouldn’t have been so bad for so long.
And I am NO Mitt fan.
Unexpected!
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