Consumer confidence has plunged and who can blame it? The reading of the index is an all time low at 38, falling far short of the expectation of 52. To give an inkling of where we were recently it was 61 in September and 95 a year ago.
Can this be the bottom?
I doubt it. The confidence of we the clownsumers of America in buying stuff we don't need with more debt that is not available to us in the wake of massive layoffs will have a dampening effect on this number for some time. I guess a misguided policy of borrowing from our great grandchildren in the form of stimulus checks for the poor might be able to alter the course, so I leave it open to events like that. Otherwise, it will continue to circle the bowl counter clockwise until the great flushing.
One last note, they mentioned that consuming powers 70% of our economic activity here. That's just ridiculous on the face of it.
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