UMich Consumer Confidence Tumbles To Lowest Since Before Election As Trumphoria Fades

Friday, July 28, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Jul 28, 2017

Despite a rebound in business survey hope, a number of consumer confidence measures have been tracking lower in recent months as Trumphoria fades. July’s final UMich consumer confidence data confirms this trend printing at 93.4 – the lowest since Oct 2016. While current conditions rose to the highest since July 2005, the biggest driver of the overall decline was a tumble in the ‘expectations’ index.

Although a slight improvement on the early month preliminary print, the trend remains lower…

The partisan divide over confidence remains extreme…but the partisan gap has narrowed in recent weeks, mostly due to Republicans tempering their optimism. The recent declines among Republicans were somewhat predictable, but the continuation of extreme pessimism among Democrats is more surprising; although, a partisan pessimism is easier to maintain when personal finances are at the highest levels recorded since 2000. Overall, the data continue to indicate a gain of 2.4% in personal consumption in 2017.

Moreover, UMich notes that while current conditions were judged strictly on the performance of the economy, expectations continue to be significantly influenced by partisanship: the difference on the Expectations Index between Democrats and Republicans was 45 Index-points (63.7 versus 108.7); among self-identified Independents, in contrast, the Expectations Index was exactly equal to the weighted difference between the partisan extremes (80.5).

Partisan perceptions of recent economic developments have lessened, although the change was mainly due to less extreme Republican views.

The Rest…HERE

Comments are closed.

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter