Not So Confident
10:41 AM, Aug 16, 2013 • By GEOFFREY NORMAN
The University of Michigan consumer confidence number was expected to come in at 85.5. Instead, it measured 80.0. Off from 85.1 in July where it had, as some media descriptions put it, "soared" from June's 84.1 reading.
Be interesting to see how the decline is described. Other than as "unexpected," of course, which is sort of a default.
Could it possibly be blamed on the Republicans in Congress? The rodeo clown in Missouri? The weather?
Or, perhaps, it is simply that people – 35 percent of them in a recent poll – lack confidence in the president's handling of the economy.
Possible. But thin. Very thin.
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