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Not Happy

11:41 AM, Mar 20, 2014 • By GEOFFREY NORMAN
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Feelings about the economy are not especially buoyant on this first day of spring.  First time claims held their own but, as Katherine Peralta of Bloomberg reports:

Americans were most pessimistic on the outlook for the economy in March than at any time in four months, a sign the effects of harsh winter weather are still rippling through the U.S.

The weather has been shouldering the blame for everything except the stock market which didn’t seem to mind what the forecasters like to call “extreme winter conditions.”

In another item of interest on the economic front, consumers are seeing an increase in food prices.  Since food is not a discretionary expense, this will add to the pain and deepen what is, as has been widely reported, a trough of pessimism regarding the economy. Fifty-seven percent of those responding in a recent poll said that the economy is still in recession.

With the bad weather now behind us, perhaps that will change.  It is fairly certain, on the other hand, that no change coming out of Washington will lead to an improving economy and rising spirits. 

Spring will have to take care of that.

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