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Despite the near multi-year record highs in stock indices, which have typically correlated tick-for-tick with the-wealthy-people’s view of the world, today’s Bloomberg Consumer Comfort index sub-data has a rather nasty surprise in its tail. Those earning over $100k, the highest bracket interviewed in their survey, saw their ‘comfort’ plunge to its lowest of the year – massively diverging from the incessant rise in equity markets (and its supposed ‘wealth effect’ transmission channel).
This is [...]
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by ZH
We have seen three very loud and very clear messages this week on the state of the US consumer’s mind. After a few months of extravagance, on the back of what can only be described as depression-fatigue, reality is biting once again. The Bloomberg Consumer Comfort index just missed expectations by its greatest amount in three years and has plunged over the last 5 weeks by the most in four years - dropping [...]
by ZH
Having staggered along the bottom, mired in misery and reality, for over 3 years, the Bloomberg Consumer Comfort Index finally signaled depression-fatigue in January of this year and started to break out – albeit to historically still low levels. This was then heralded in self-fulfilling style as an indication that everything was good again in the world, money would come off the sidelines, consumers would buy more iPads and [...]
April 19 (Bloomberg) — Sales of previously owned U.S. homes in March unexpectedly fell for the third time in the last four months, showing an uneven recovery in the housing market. Purchases dropped 2.6 percent to a 4.48 million annual rate from 4.6 million in February, the National Association of Realtors reported today in Washington. The median forecast of economists in a Bloomberg News survey called for an increase to 4.61 [...]
From March 15:
From March 22:
From March 29:
From April 5:
All of this would be great… if only the March 15th original number of 351,000 wasn’t lower than the April 5th pre-revision number of 357,000, and which next week will be revised to 361,000!
In the meantime, everyone gets that warm and fuzzy feel: after all Bloomberg itself, which prepared the above reports, just told us its consumer comfort index just soard from -34.7 [...]
“Consumer Confidence Rises to 4-Year High,” blared the Bloomberg headline in a font that really was that big. That’s just so wrong. So wrong. I mean, should we really be jumping up and down, shouting, “Hip Hip HOORAY! Hip Hip HOORAY!” Uh… no. Let’s look at the first key point that Bloomberg made. Household confidence improved last week to a four-year high as more Americans said the economy was improving [...]
From Bloomberg:
The number of Americans filing first-time claims for jobless benefits last week held at a four- year low and consumers became more confident, indicating an improving labor market may boost household spending.
Applications (INJCJC) for unemployment insurance benefits were unchanged in the week ended Feb. 18 at 351,000, the fewest since March 2008, Labor Department figures showed today. The Bloomberg Consumer Comfort Index rose to minus 38.4 in the week [...]
By Matt Townsend and Ashley Lutz
Nov. 25 (Bloomberg) — Amanda Rottmueller, a 20-year-old nursing student, shopped on Black Friday for the first time, drawn by nighttime openings and the chance to treat herself.
“I’m out tonight to buy stuff that I need,’’ Rottmueller said around midnight at the Tri-County Mall in Cincinnati after purchasing discounted bras and pajamas that came with a free pair of slippers from Limited Brands Inc.’s Victoria’s [...]
by ZH
Bloomberg’s consumer comfort index once again confirms what so many know, despite the day to day 3-4% swings in equity markets, that broad-based sentiment is desperately weak. Retail metrics also confirmed retail sales starting to disappoint – as perhaps burning through savings is starting to reach its tipping point – and so perhaps all those charts we have been so vociferous about pointing to the disconnect between spending/growth and [...]
by ZH
Someone forgot to tell the US Consumer that “Europe is fixed” and that “nobody has heard of Die Welt” according to Jim Cramer, who incidentally said back in May 2008 “how anyone can think housing will get worse from here is beyond me.” Because according to the only non-biased and hence non-market moving consumer confidence poll, that of Bloomberg, October Economic Expectations dropped to -45 after -34. Not much to [...]
by ZH
While not considered in the same category as the UMichigan or the Conference Board confidence indices, the Bloomberg (formerly ABC) Consumer Comfort index, which is just as familiar with statistical sampling and using phones as the prior two (and does not share their penchant for calling Wall Street execs to break any market downward trend), just found that the week of September 4 saw [...]
by ZH
After staging a brief recovery in the last few weeks following the undeterred pursuit of the successful completion of Bernanke’s wealth effect crusade (Russell at 36,000 or bust), consumer confidence has once again realized that while the rich are getting richer, it means jack for everyone else. As a result the Consumer Comfort index, which recently was moved from ABC to Bloomberg, has just plunged [...]
by Zh
Once again the ABC Consumer Comfort index indicates that it is leaps and bounds more relevant than the ADP Private Payroll number. With increasingly less relevant confidence indicators out of UMichigan and the Conference Board, which lately only seem to “poll” 20 people with a $1MM+ Schwab trading account, it is worth noting what a true polling index says about the economy. And it [...]
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