Posted on 06/14/2024 8:36:36 AM PDT by Kaiser8408a
We’re going down!
Moments ago the University of Michigan released the latest “report card” on Bidenomics, and to nobody’s surprise – except perhaps a certain senile teleprompter reading, diaper-wearing puppet in the White House – it was another disaster.
One month after the May Consumer Sentiment printed at a record 7-sigma miss to expectations, consumer sentiment once again “unexpectedly” slumped, this time from an upward revised 68.8 to 67.6, the lowest print since last November, and the biggest 3-month drop in sentiment (-13.8 points) going back to the covid lockdowns.
… which was not only a 5-sigma miss to the median estimate (an improvement from last month’s 7-sigma)…
… but also the biggest miss of 2024.
The collapse in sentiment was broad based, and hammered both current conditions – which plunged from 69.6 to 62.5, the lowest since 2022 and badly missing estimates of 72.2 – and also expectations, which dropped from 68.8 to 67.6 (and also far below the 72.0 estimate).
In short: the verdict for Bidenomics is in, and it’s a complete disaster, as for Powell’s recent laughable comment that he can’t see the “stag” nor the “flation”… well, Fed chair, they just bit you on the ass.
On top of a poor consumer sentiment report, the PPI Final Demand index was down … again.
And The Fed and Powell keep losing money.
Biden at the G7, His new name is “The Wanderer.”
(Excerpt) Read more at confoundedinterest.net ...
The MSM was touting this report this morning on the news EXPECTING it to exceed the estimates!.................It did...........just the wrong direction!...
Sudden AND unexpected
No no no. Local Miami media has been telling me the economy is going GREAT.
Well that’s an improvement. That analysis was only off by 5 times the estimated error rather than 7 times the estimated error in the previous estimate. Things are looking up for the accuracy of the prognosticators.
My portfolio loves the wall of worry presented on a regular basis at CF.
“We missed by 50 miles instead of 70”.
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