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May 28, 2015

U.S. Consumer Comfort: It's May, Winter Is Coming

With business confidence collapsing, Bloomberg's Consumer Comfort index - after dropping to its lowest since December - plunged once again this week to 40.9 (from 42.4). This is the lowest since Novemeber and extends the losing streak to 7 weeks - something we have not seen sionce May 2008. This confirms Gallup's weekly tracking of consumer confidence dropped back to its lowest levels since early December 2014 with 53% of Americans now saying the economy is getting worse. Despite all the exuberance over lower oil prices, Consumer Comfort in The South is crashing. Perhaps even worse - for a consumer-driven economy - is that the "buying-climate"suffered its biggest drop since Dec 2011.  
7th week in a row of confidence collapse....
Consumer Comfort in The South appears to be catching down to the plunge in crude...
Gallup's economic confidence index dropped back to 2014 levels also...  
For the week ending May 24, 23% of Americans said the economy is excellent or good while 29% said it is poor, resulting in a current conditions score of -6. The economic outlook score of -11 is the result of 42% of Americans saying the economy is getting better and 53% saying it is getting worse.
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Summing it all up...
Courtesy Tyler Durden, founder of Zero Hedge (EconMatters author archive here)    
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Item Reviewed: U.S. Consumer Comfort: It's May, Winter Is Coming Rating: 5 Reviewed By: EconMatters